Situated near highly populated trading partners such as China, Pakistan, and Bangladesh, India’s location in South Asia makes it a favourable and profitable exporter. In 2017, US$295.8 billion worth of Indian exported goods were shipped worldwide. This total reflects a -12.1% decline since 2013 but a 13.6% increase from 2016 to 2017.
India’s exported goods and services constitute 18.4% of the Indian economy. Around half of India’s exports (by value) are sold to fellow Asian countries, 18.7% to their European partners, 17.6% to their North American importers, 8% to Africa, and 2.8% to Latin America (excluding Mexico, including the Caribbean).
Major Exports of India (2017)
Gems, precious metals: US$42.6 billion (14.4% of total exports)
Mineral fuels including oil: $35.9 billion (12.1%)
Machinery including computers: $16.7 billion (5.6%)
Vehicles: $16.2 billion (5.5%)
Organic chemicals: $13.6 billion (4.6%)
Pharmaceuticals: $12.9 billion (4.4%)
Iron, steel: $11.7 billion (4%)
Clothing, accessories (not knit or crochet): $9 billion (3%)
Electrical machinery, equipment: $8.8 billion (3%)
Knit or crochet clothing, accessories: $8.3 billion (2.8%)
Fastest-Growing Indian Exports in 2017
(% increase since 2013)
Furskins and artificial fur
Up 1, 490% ($11 million).
Woodpulp
Up 993.7% ($1.7 million).
Straw, other plating materials
Up 630.1% ($18.9 million).
Meat, seafood preparations
Up 226% ($397 million).
Ceramic products
Up 122.3% ($1.2 billion).
Live animals
Up 116.8% ($27.1 million).
Cocoa, cocoa preparations
Up 94.5% ($161.2 million).
Zinc
Up 83% ($906.9 million).
Aluminum
Up 75.9% ($3.7 billion).
Lead
Up 73.9% ($370.7 million).
Exports for India’s IT Services has also been growing at a fast pace. India’s computer software services and IT enabled services (ITeS) has upped 3.83% to US$111 billion from 2016 to 2017. The top importer for these services is the U.S.A, accounting for 57% of India’s total exports from 2016 to 2017. Following is the UK at 18% (equating to US$20 billion) and Singapore accounting for US$4.4 billion.
Top Indian Export Companies
Reliance Industries (oil, gas)
Tata Motors (cars, trucks)
Indian Oil (oil, gas)
Coal India (diversified metals, mining)
ITC (tobacco)
Bharat Heavy Electricals (electrical equipment)
Hindalco Industries (aluminium)
Tata Steel (iron, steel)
Bharat Petroleum (oil, gas)
Hindustan Petroleum (oil, gas)
Sun Pharma Industries (pharmaceuticals)
Steel Authority of India (iron, steel)
Bajaj Auto (recreational products)
Hero Motocorp (recreational products)
Grasim Industries (construction materials)
JSW Steel (iron, steel)
The competitive advantage for India currently is their positive net export for pharmaceutical products.
Though India is a major exporting nation, all trading partners face some universal problems. One being that of sending international payments. Problems can arise when you’re paying your overseas partners, but there are ways to mitigate them.
What to look for when paying your exporters:
Fast & user-friendly platform
Fast payments and easy user-experiences on a money-sending platform are beneficial for trade relations. It strips the payment process of long wait-times and tedious paperwork. Not to mention wasting time troubleshooting errors or instructional misunderstandings. A blockchain-based platform is the best way to go nowadays. This is due to its advanced speed and systems integration capacities that help keep up with today’s financial pace. So, it’s important that you research and decide on the best one that will work for your purposes.
Mass payout capability
On your side of operations, it’s more productive for you to automate a multitude of payments at once. This has been made possible by some payment systems built with API technology, which can automatically integrate your accounting or management software. Strip unnecessary time spent on the payment process by adopting a payment method that includes this feature.
Guaranteed affordability
Other payment platforms will charge you hidden service or inward-remittance fees, or add a margin increase during your transfer process. REMITR is a money-service-business that does not do this, nor does it charge withdrawal charges for your beneficiaries. Not only is REMITR 6 times cheaper than wire transfers, but the platform is the least costly one around of its kind, and offers the best live exchange rates compared to its competitors. Only charging $1 per Canadian transfer and $5-10 per international transfer, the platform is designed to truly optimize your budget and business.
Transparent, consistent, flexible service
Dependable but also adaptable to your schedule, REMITR has FINTRAC security and is available 24/7 for any export company to use the platform. This means regardless of your time zone or hour of the day, you can make payments and not have to worry about bank hours, policies, or bureaucratic regulations. You can customize your payment schedule and your exporters can expect to receive their payments within 1-2 business days, every time.
REMITR can transfer funds to the following banks in India:
State Bank of India (SBI)
Punjab National Bank (SBI)
ICICI
Bank Limited Bank of India
Bank of Baroda
HDFC Bank Ltd
Citibank NA
Power Finance Corporate Limited
Canara Bank
Standard Chartered Bank India
Don’t see your bank on this list? Feel free to contact them.
