India-Israel Trade 2019-2023:Growth, Balance&Post-War impact

Oct 10, 2023

India-Israel Trade Ties (2019-2023)

Trade Growth:

2019: $5.5 billion

2023: $10.5 billion (93% increase)

Trade Balance:

Favorable for India.

June 2019: Exports exceeded imports by $1.9 billion.

June 2023: Exports exceeded imports by $5.7 billion.

Imports:

Largely stagnant.

2013: $2.5 billion (4-quarter rolling)

2023: $2.4 billion (4-quarter rolling)

Exports:

2013: $3.7 billion

2019: $3.7 billion

2023: $8.1 billion

Significant rise post-Covid-19.

Export Breakdown:

Manufactured goods: $2.6 billion (30.5% increase, 4-quarter rolling 2023)

Petroleum and crude products: $5.3 billion (245% rise; 65.2% of total exports in 2023; 41.8% in 2019)

Gems & Jewelry: $1.2 billion

Engineering goods: $455 million

Textiles: $127 million

Drugs, pharmaceuticals: $96.8 million

Chemical products: $282 million

FTA with Israel:

Under consideration but stalled. India pushed for IT professional movement.

Tariffs in West Asia not steep, making goods less of a focus.

War Impact:

Risks include higher insurance premiums and shipping costs.

Main trade port for India: Eilat port (Red Sea).

War intensity and duration critical to trade impact.

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