India bought US$702.6 billion worth of goods imported from around the globe in 2024, up by 90.9% compared to $368 billion five years earlier during 2020.

Year over year, that total dollar cost results from a 4.6% upturn from $672 billion in 2023.

Based on the average exchange rate for 2024 on a Purchasing Power Parity basis, the Indian rupee depreciated by -1.4% from 2023 to 2024. India’s weaker local currency makes India’s imports paid for in stronger US dollars in 2024 relatively more expensive when converted starting from Indian rupees.

India’s Main International Suppliers

The latest available country-specific data shows that 65.5% of products imported into India was furnished by providers in: mainland China (15.5% of the Indian total), Russia (9.1%), United Arab Emirates (8.6%), United States of America (6.1%), Saudi Arabia (4.3%), Iraq (4.2%), Indonesia (3.4%), Switzerland (3.1%), South Korea (3%), Singapore (2.9%), Japan (2.7%) and Hong Kong (2.6%).

From a continental perspective, nearly three-fifths (59.7%) of India’s total imports by value in 2024 was furnished by exporters located in fellow Asian countries. Trade partners in Europe supplied 21.8% of import purchased by India while 7.2% worth originated from North America. Another 5.7% came from exporters in Africa.

Smaller percentages track back to suppliers in Latin America (3.4%) excluding Mexico but including the Caribbean, and Oceania (2.2%) led by Australia and New Zealand.

Given India’s population of 1.442 billion people, the economic powerhouse’s total $702.6 billion spent on 2024 imports translates to roughly $490 in yearly product demand from every person living in the vast South Asian country. That dollar metric exceeds the average $460 per capita for 2023.

India’s Top 10 Imports

The following product groups represent the highest dollar value in India’s import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into India.

1. Mineral fuels including oil: US$220.6 billion (31.4% of total imports)
2. Electrical machinery, equipment: $84.9 billion (12.1%)
3. Gems, precious metals: $83.3 billion (11.9%)
4. Machinery including computers: $61.6 billion (8.8%)
5. Organic chemicals: $26 billion (3.7%)
6. Plastics, plastic articles: $21.9 billion (3.1%)
7. Iron, steel: $17.7 billion (2.5%)
8. Animal/vegetable fats, oils, waxes: $17 billion (2.4%)
9. Optical, technical, medical apparatus: $13.7 billion (1.9%)
10. Aircraft, spacecraft: $12.6 billion (1.8%)

India’s top 10 import product categories accounted for almost four-fifths (79.6%) of the overall value of its product purchases from other countries.

Imported aircraft and spacecraft recorded the biggest percentage increase in spending among India’s top 10 import categories, up by 24.9% from 2023 to 2024.

In second place were Indian gems and precious metals (up 14.8%) led by imports of gold.

Another product category to post a significant gain was for purchases of electrical machinery and equipment, up 11.7% from 2023.

Incurring the severest year-over-year reductions were for India’s imports of iron and steel (down -6.5% from 2023), organic chemicals (down -4.7%), then plastics both as materials and items made from plastic (down -3%).

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.

For a more detailed view of imported goods at the four-digit HTS code level, see the sections below.

India’s Imports of Mineral Fuels and Related Products

In 2024, Indian importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Crude oil: US$143.3 billion (up 2.1% from 2023)
2. Coal, solid fuels made from coal: $32 billion (down -13.6%)
3. Petroleum gases: $30.2 billion (up 21.4%)
4. Processed petroleum oils: $8.5 billion (down -26.6%)
5. Petroleum oil residues: $3.2 billion (down -13.8%)
6. Coke, semi-coke: $1.6 billion (up 15.8%)
7. Coal tar oils (high temperature distillation): $1.5 billion (up 15.1%)
8. Petroleum jelly, mineral waxes: $174.7 million (down -8.6%)
9. Tar pitch, coke: $18.7 million (down -25.3%)
10. Natural bitumen, asphalt, shale: $6.1 million (up 41.5%)

Among these import subcategories, Indian purchases of natural bitumen, asphalt and shale (up 41.5%), petroleum gases (up 21.4%) then coke or semi-coke (up 15.8%) grew at the fastest pace from 2023 to 2024.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imports related to mineral fuels among Indian businesses and consumers.

India’s Imports of Electrical Products

In 2024, Indian importers spent the most on the following 10 subcategories of electrical items including consumer electronics.

1. Integrated circuits/microassemblies: US$23.8 billion (up 23.9% from 2023)
2. Phone devices including smartphones: $17.6 billion (up 6.5%)
3. Solar power diodes/semi-conductors: $6.3 billion (down -6.1%)
4. Flat panel displays: $4.4 billion (up 60.5%)
5. Electric storage batteries: $3.6 billion (down -7%)
6. Electrical converters/power units: $3.5 billion (up 13.8%)
7. Lower-voltage switches, fuses: $2.8 billion (up 8%)
8. TV receiver/transmit/digital cameras: $2.1 billion (up 19.6%)
9. Microphones/headphones/amps: $1.8 billion (up 2.8%)
10. Printed circuits: $1.5 billion (up 13.2%)

Among these import subcategories, Indian purchases of flat panel displays (up 60.5%), integrated electronic circuits or microassemblies (up 23.9%) then television receivers, transmitter and digital cameras (up 19.6%) grew at the fastest pace from 2023 to 2024.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Indian businesses and consumers.

India’s Imports of Gems and Precious Metals

In 2024, Indian importers spent the most on the following 10 subcategories of gems and precious metals.

1. Gold (unwrought): US$51.7 billion (up 21.4% from 2023)
2. Diamonds (unmounted/unset): $17.7 billion (down -19.4%)
3. Silver (unwrought): $5.8 billion (up 121.4%)
4. Jewelry: $3.4 billion (up 44.7%)
5. Platinum (unwrought): $2.7 billion (up 800.1%)
6. Synthetic precious stones: $1.2 billion (down -16.5%)
7. Precious/semi-precious stones (unstrung): $715.3 million (down -38.8%)
8. Other precious metal items: $44 million (up 33.9%)
9. Precious stone dust, powder: $32.1 million (down -8.7%)
10. Pearls: $31.5 million (up 4.3%)

Among these import subcategories, Indian purchases of platinum (up 800.1%), silver (up 121.4%) then jewelry (up 44.7%) grew at the fastest pace from 2023 to 2024.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported gems and precious metals among Indian businesses and consumers.

India’s Imports of Machinery Including Computers

In 2024, Indian importers spent the most on the following 10 subcategories of machinery including computers.

1. Computers, optical readers: US$10.6 billion (up 13.6% from 2023)
2. Turbo-jets: $3.4 billion (down -10.2%)
3. Miscellaneous machinery: $3.3 billion (up 17.8%)
4. Computer parts, accessories: $2.9 billion (up 13.3%)
5. Air or vacuum pumps: $2.7 billion (up 6.2%)
6. Taps, valves, similar appliances: $2.2 billion (up 8.3%)
7. Transmission shafts, gears, clutches: $2 billion (up 9.2%)
8. Printing machinery: $1.9 billion (up 8.5%)
9. Machinery parts: $1.8 billion (up 7.9%)
10. Rubber/plastic article making machines: $1.7 billion (up 23.1%)

Among these import subcategories, Indian purchases of rubber or plastic article making machines (up 23.1%), miscellaneous machinery (up 17.8%) then computers including optical readers (up 13.6%) grew at the fastest pace from 2023 to 2024.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Indian businesses and consumers.
 

 

See also India’s Top 10 Exports, India’s Top Trading Partners, Top Indian Trade Balances and India’s Top 10 Major Export Companies

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 23, 2025

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 23, 2025

International Trade Centre, Trade Map. Accessed on March 23, 2025

X-rates.com, Exchange Rates: Indian Rupee to US Dollar (monthly average 2024). Accessed on March 23, 2025