Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

the second largest source of import for India from the region. Together these two countries accounted for over 80 percent of India’s imports from the region (Figure 9) .

Figure 9: CARIFORUM’s Top Exporters to India (%, 2020)

Source: ITC Trademap; India Exim Bank Analysis

Major Products Traded between India and CARIFORUM

India’s Top Exports to CARIFORUM Product wise The following table (Table 8) presents major product categories of India’s exports to the CARIFORUM countries over past four years. Prior to 2014, India’s major export product category to the region was mineral fuels and oils (HS 27), however, post 2014, pharmaceutical products have maintained the highest share in India’s exports to the CARIFORUM countries. In 2020, the share of pharmaceutical products was 22.8 percent. Pharmaceutical products were followed by transport vehicles (with a share of 8.9 percent), plastics and its articles (8.1 percent), mineral fuels and oils (7.8 percent), and machinery and mechanical appliances (4.6 percent).

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Enhancing India-CARIFORUM Economic Relations and Prospects for Cooperation