Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

CARIFORUM’S Top Imports

The countries in the region are dependent on imported crude and refined petroleum products, and thus, in 2020, the largest imported product category was mineral fuels and oils. This product category comprised of 16.8 percent of total imports in the year 2020. This was followed by machinery and mechanical appliances (9.3 percent of total imports in 2020), electrical machinery and equipment (6.4 percent), and transport vehicles (5.6 percent). The top five product categories accounted for 42.6 percent of total imports in the year 2020 (Table 4) .

Table 4: CARIFORUM’s Top Import Products (US$ billion)

Share in Imports (%, 2020)

HS Code

Product label

2018 2019 2020

All products

52.4 62.9 42.4

9.2 11.4 7.1 16.8%

27 Mineral fuels, mineral oils and products of their distillation

84 Machinery, mechanical appliances

4.8 5.5 3.9 3.4 3.5 2.7 3.3 3.5 2.4 1.7 7.8 1.9 2.6 2.6 1.7 1.2 1.5 1.1 1.0 1.0 1.0 1.2 1.2 0.8 0.7 0.7 0.7 1.1 1.1 0.7 0.7 0.7 0.6 1.2 1.2 0.6 0.8 0.9 0.9

9.3% 6.4% 5.6% 4.5% 4.0% 2.7% 2.4% 2.0% 1.6% 1.6% 1.5% 1.5% 2.1%

85 Electrical machinery and equipment and parts thereof 87 Vehicles other than railway or tramway rolling stock

89 Ships, boats and floating structures

39 Plastics and articles thereof 73 Articles of iron or steel

10 Cereals

90 Optical, photographic, cinematographic, medical or surgical equipment

72 Iron and steel

4 Dairy produce; birds’ eggs; natural honey

48 Paper and paperboard

2

Meat and edible meat offal

30 Pharmaceutical products

0.7 0.8 0.6

1.4%

71 Natural or cultured pearls, precious or semi-precious stones, precious metals

Source: ITC Trademap; India Exim Bank Analysis

International Trade Scenario of the CARIFORUM Countries

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