India is one of the largest exporters of goods in the world, and its export industry plays a crucial role in the country’s economy. The export industry in India is highly diversified, with a wide range of products being exported to countries all over the world.
Firstly, let’s understand what an HS code is The Harmonized System (HS) is an international classification system that is used to classify goods traded globally. It is a six-digit code that is used to identify the product being exported or imported. HS codes are used by customs officials to determine the tariff, taxes, and duties applicable to the goods being imported or exported.
Here are the top Exim HS codes of India exporting products in 2023:
- EXIM HS code 2710: Petroleum oils and oils obtained from bituminous minerals (excluding crude oil). This category includes products such as motor oils, lubricants, and other petroleum-based products.
- EXIM HS code 7108: Gold (including gold plated with platinum), unwrought or in semi-manufactured forms, or in powder form. India is one of the largest exporters of gold in the world, and this HS code represents a significant portion of India’s total exports.
- EXIM HS code 8542: Electronic integrated circuits and micro assemblies. India has a thriving electronics industry, and this HS code represents the export of integrated circuits and micro assemblies used in electronic devices.
- EXIM HS code 8703: Motor cars and other motor vehicles for the transport of persons. India is a major exporter of motor vehicles, including cars, buses, and trucks.
- EXIM HS code 3926: Plastics and articles thereof. India has a significant plastics industry, and this HS code represents the export of various plastic products, including packaging materials, bags, and containers.
- EXIM HS code 7113: Articles of jewelry and parts thereof, of precious metal or of metal clad with precious metal. India is also a major exporter of jewelry, and this HS code represents the export of precious metal jewelry and parts thereof.
- EXIM HS code 7204: Ferrous waste and scrap; remelting scrap ingots of iron or steel. This category includes the export of various iron and steel scrap materials, which are used in the production of new steel products.
- EXIM HS code 8443: Printing machinery used for printing by means of plates, cylinders, and other printing components. India has a thriving printing industry, and this HS code represents the export of printing machinery used in the production of various printed materials.
- EXIM HS code 9027: Instruments and apparatus for physical or chemical analysis (including spectrometers and chromatographs). This category includes the export of various scientific instruments used for chemical and physical analysis.
- EXIM HS code 8407: Spark-ignition reciprocating or rotary internal combustion piston engines. This HS code represents the export of various internal combustion engines used in vehicles, generators, and other machinery.
In conclusion, these are the top Exim HS codes of India exporting products in 2023. India’s export industry is highly diversified, and these HS codes represent just a small fraction of the various products that are exported by India. With a growing economy and a thriving export industry, India is poised to continue to be a major player in the global export market.