Enhancing India CARIFORUM Economic Relations and Prospects for Cooperation

India’s Top Imports from CARIFORUM Product Wise Prior to 2015, the top import category for India from the CARIFORUM countries used to be mineral fuels and oils, however, 2015 onwards, natural or cultured pearls, precious or semi-precious stones, precious metals (HS 71), pipped mineral fuels and oils to become the top imported item for India. However, in 2020, mineral fuels and oils again became the top import item from the region as oil imports from Trinidad and Tobago surged. The two commodity groups of mineral fuels and oils and natural or cultured pearls, precious or semi precious stones, precious metals together accounted for over 80 percent of India’s imports from the region in 2020 (Table 10) .

Table 10: India’s Major Imports from CARIFORUM Countries

Share in Imports (%, 2020)

HS Code

Product Label

2017 2018 2019 2020

All products

842.4 859.4 682.9 471.2

82.9 167.1 97.0 200.1 42.5%

27 Mineral fuels, mineral oils and products of their distillation 71 Natural or cultured pearls, precious or semi- precious stones, precious metals 44 Wood and articles of wood; wood charcoal 85 Electrical machinery and equipment and parts thereof

535.8 513.4 437.1 178.0 37.8%

90.9 95.0 70.0 32.2

6.8%

4.6 11.7 16.8 14.7

3.1%

72 Iron and steel

45.7 26.2 14.5 12.5 8.6 0.0 0.0 9.9

2.7% 2.1%

28 Inorganic chemicals

7.3 5.1 3.3 6.8

1.4%

90 Optical, photographic, cinematographic, medical or surgical equipment 47 Pulp of wood or of other fibrous cellulosic material

3.3 3.8 4.2 4.1

0.9%

76 Aluminium and articles thereof 84 Machinery, mechanical appliances 74 Copper and articles thereof

5.0 7.8 7.2 3.3 1.0 2.8 4.7 3.0 0.2 0.3 1.5 1.3 0.0 2.0 2.5 1.2

0.7% 0.6% 0.3% 0.3%

81 Other base metals; cermets; articles thereof 33 Essential oils and resinoids; perfumery, cosmetic or toilet preparations

1.6 1.3 0.9 0.7

0.1%

26 Ores, slag and ash

9.7 9.4 13.1 0.6 1.2 1.4 1.0 0.5

0.1% 0.1%

79 Zinc and articles thereof

Source: ITC Trademap; India Exim Bank Analysis

India's Trade Relations with the CARIFORUM Countries

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