Imports are what a country buys from a different country or a different group of countries because it cannot meet the demand for that commodity within its own country. Often imported products are purchased by the importing nation by means of a mutually accepted currency, which in most cases is the
dollar or euro. Petroleum in most cases is the greatest wealth generator for the exporting country as the demand for petroleum rises globally and the quantity of petroleum steadily reduces, thus making petroleum and its refined products dearer.
The different sectors in India
India is among the top 10 importers of petroleum in the world, even though India itself does possess a large amount of petroleum resources it is nowhere close to the amount of demand that the domestic Indian sector has. Here is a customised view of the petroleum import scenario in India. Of the total imports done in India in the financial year 2013 (April to September) 39% (approx.) was for the petroleum sector. A large amount of the petroleum imports done by India are of Crude petrol, reason being that India has a large amount of resources for processing of petroleum but no raw materials. Contrary to popular belief the rise in petroleum demands is not fuelled by the automobile sector but by the manufacturing sector.
Most petroleum importing companies in India find it difficult to sell finished petroleum products in the country because of price ceilings set by the government. It is predicted that on the back of booming economy India’s petroleum imports should rise by 38.71% in the next 3 years. So this Custom Import Data is really very important and a vital part for company’s growth.
dollar or euro. Petroleum in most cases is the greatest wealth generator for the exporting country as the demand for petroleum rises globally and the quantity of petroleum steadily reduces, thus making petroleum and its refined products dearer.
The different sectors in India
India is among the top 10 importers of petroleum in the world, even though India itself does possess a large amount of petroleum resources it is nowhere close to the amount of demand that the domestic Indian sector has. Here is a customised view of the petroleum import scenario in India. Of the total imports done in India in the financial year 2013 (April to September) 39% (approx.) was for the petroleum sector. A large amount of the petroleum imports done by India are of Crude petrol, reason being that India has a large amount of resources for processing of petroleum but no raw materials. Contrary to popular belief the rise in petroleum demands is not fuelled by the automobile sector but by the manufacturing sector.
Most petroleum importing companies in India find it difficult to sell finished petroleum products in the country because of price ceilings set by the government. It is predicted that on the back of booming economy India’s petroleum imports should rise by 38.71% in the next 3 years. So this Custom Import Data is really very important and a vital part for company’s growth.
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