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India-Israel Trade 2019-2023:Growth, Balance&Post-War impact
UPSC Daily Current Affairs
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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