India-Israel Trade: Amidst the Israel-Hamas war, its impact is being assessed globally. There are many countries which are being directly affected by the Israel-Hamas war and are facing its negative impact on the economy including the defense front. India is also not going to remain untouched by this because there is a good trade between India and Israel.
What does India export to Israel?
India’s exports to Israel mainly range from pearls and precious stones, automotive diesel, chemical and mineral products, machinery and electrical equipment, plastics, textile and clothing products, base metals and transport equipment to agricultural products.< /p>
Gems and Jewelery Trade
The total gems and jewelery trade from India to Israel in the financial year 2023-23 was $2.04 billion, whereas in the previous year i.e. the financial year 2021-22, there was a trade of $2.8 billion.
The total trade in merchandise and service sector between India and Israel in the financial year 2022-23 is estimated to be around $12 billion. In the financial year 2022-23, exports totaled $8.4 billion while imports stood at $2.3 billion. Due to this, there has been a surplus of 6.1 billion dollars in merchandise exports from India.
Diesel export figures
India has exported a total of $5.5 billion worth of diesel to Israel in the financial year 2022-23 while $1.2 billion has been the export of cut and polished diamonds.
Minerals export figures
Apart from this, raw diamonds worth 519 million dollars were exported from India to Israel. The export of cut and polished diamonds was worth 220 million dollars. The export of electronics and telecom components like IC and photovoltaic cells was worth 411 million dollars. The export of potassium chloride has been worth 105 million dollars and the export of herbicide has been worth 6 million dollars.
Know some more statistics
In the financial year 2022-23, merchandise trade worth $10.1 billion has taken place between Israel and India. Between the financial year 2022-23, India’s total merchandise exports to Israel have been $ 7.89 billion, while the total exports from Israel to India have been $ 2.13 billion. India mainly benefits from the trade between India and Israel. If we look at the services sector, there has been a bilateral trade of 1.1 billion dollars between India and Israel in the financial year 2022-23.
Israel-Hamas war will affect India also
Exporters believe that the impact of Israel-Hamas war will be seen on exports from India to Israel and a decline may be seen in the coming time. India is Israel’s second largest trading partner in Asia and Israel’s seventh largest trade partner globally.
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