How India-Israel trade ties have grown, in charts
- Trade between the two countries has risen steadily, and saw with a spike in 2022-23 when India’s petroleum products exports to the country soared 3.5 times to an all-time high.
Hamas’s unprecedented surprise attack on Israel on Saturday has invited condemnation from Prime Minister Narendra Modi among other global leaders. The ensuing crisis has also brought into focus the possible impact of a full-blown war in the region on India’s trade. The trade ties between India and Israel have risen steadily, with a spike last year when Israel became India's fourth-largest destination of petroleum products exports. In November 2022, Israel was the biggest.
In 2022-23, India's exports of petroleum products to Israel jumped 3.5 times to $5.5 billion, against $1.6 billion in the previous year. This increased India’s exports by 77% compared to the previous year, and the total trade between the two countries by 37%. However, the spike in petroleum exports hasn’t sustained in 2023-24 so far.
The trade ties between the two countries gained momentum in 1992, following the establishment of diplomatic relations. In 1992, the trade was primarily limited to precious metals such as diamonds. Today, both countries have diversified their trade portfolio to engineering goods, electronic goods, fertilizers and textiles, agricultural products, petroleum products and pearls, and precious and semi-precious stones
Israel is also the third largest exporter of defence equipment to India after Russia and France (the data cited above excludes defence trade). In 2022, Israel constituted more than 8% of total defence imports to India. Mint explores the trade ties between the two countries:
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Business NewsEconomyHow India-Israel trade ties have grown, in charts
First Published:9 Oct 2023, 02:45 PM IST
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