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Imports from foreign companies in India are growing faster than exports

Wednesday, August 5, 2020

Despite the assumption that foreign companies in India would increase exports, their imports are growing faster. According to figures from the Reserve Bank of India and the World Trade Centre (WTC), imports by foreign companies of raw materials and machinery rose by 13.4 percent in the period 2018-19. In the same period, their exports fell by 13.8 percent. For the Indian economy as a whole, however, exports increased by 28 percent.

According to information from the Reserve Bank of India (RBI), 8095 foreign companies were registered last year, most of which are active in exports. Of these companies, 63 percent are service businesses, 29 percent are producers and the rest are active in other sectors. Broken down into individual industries, 18 percent are IT companies, 7 percent mechanical engineering and 6 percent wholesale and retail. The countries of origin of the foreign companies are the USA with 22 percent, 12.5 percent Singapore, 9.5 percent Mauritius and 7 percent each Japan and Great Britain.

Last year, exports by these companies fell by 26.5 percent despite rising production. The ratio of exported goods or services to their total production or services in the same period also fell from 5.5 to 3.8 percent. Machinery and tool manufacturers were the only industry to maintain this ratio at the level of 11.5 percent. On the other hand, automobile manufacturers lost drastically in exports compared to their total production. According to figures from the WTC, the figure fell rapidly from 5.6 to 2 percent. The trade of goods in India requires in many cases a corresponding certification of the goods or production processes. We will be happy to advise you on which India certification is relevant for you and carry it out for you.

Julian Busch

About the author: Julian Busch is the founder and managing director of MPR International GmbH

Publisher: MPR International GmbH

Tel.: +49 69 271 37 69 261
E-Mail: info@certification-india.com
Web: www.certification-india.com/en/

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