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INDIA-SLOVENIA BILATERAL TRADE

India’s overall exports, covering commodities and services for the financial year 2021-22 were reported at US$ 676.25 billion, an increase of over 37% over FY 2020-21.

Highlights of India’s international trade during financial year April 2021- March 2022:

  • Commodities exports recorded at an all time high of US$ 421.85 billion – 44.56% higher than exports during 2020-21.
  • India’s total commodities trade (exports + imports) crossed US$ 1 trillion for the first time.
  • Commodities imports were US$ 612.00 billion, an increase of 55.16% over the previous year.
  • Services exports touched US$ 250 billion for the first time during the year.
  • India’s total exports (Commodities and Services combined) rose to all time high of US$ 676.25 billion, growing by more than 35% over previous year.

The new financial year 2022-23 began with record commodities exports of US$ 40.19 billion in April 2022, a jump of over 30% over April 2021. Continuing the record-breaking performance of 2021-22, India’s commodities exports during the first quarter of 2022-23, recorded an increase of 24.51% to US$ 118.96 billion, highest ever exports during the first quarter of any financial year. Services exports in the same period reached US$ 70.97 billion, an increase 26.25% over previous year. 1

 

India is one of the most important Asia’s foreign trade partners of Slovenia. The total bilateral trade in 2018 was the highest in the last five years, reaching EUR 361 million or 34% more than in 2017. In 2022, this trend is even higher and will reach total EUR 450 million and with the surplus on the Indian side.2

  1. Bilateral trade of India with Slovenia in the period of 2019-2022

Exports and imports (EUR)

2019

2020

2021

2022M01-M08 (provisional data)

Import from India

246.58

221.41

248.75

259.21

Export to India

114.83

118.21

112.21

88.48

Total trade

361.41

339.62

360.69

347,69

Balance in India’s Favor

+131.75

+103.20

+136.54

+170.73

The structure of the commodities subject to bilateral trade is almost unchanged. The export of India’s commodities to Slovenia is dominated by commodities from the Pharmacy, Chemicals, Aluminium, Machinery, Plastics, Food, and Electrical sector, while the export from Slovenia to India is similar, adding the commodities like Optical, photographic, cinematographic, measuring commodities, listed under TOP 10 items of import-export.

As per the published information2 for 2021, the total bilateral trade of India with Slovenia was EUR 360.69 million, with import of commodities from India in total of EUR 248.42 million, and export of Slovenian commodities to India in total of EUR 112.27 million. The surplus is on Indian side, in total EUR 136.15 million. In 2021, the Embassy received 447 inquiries from India (14% more than in 2020), and 13 from Slovenia (13% less than in 2020).

Top 10 commodities of import by Slovenia from India during 2019 – 2021 

 

Product code

Product label

Slovenia's imports from India

2019

2020

2021

'29

Organic chemicals

95.54

92.46

99.94

'30

Pharmaceutical products

65.15

72.13

56.99

'76

Aluminium and articles thereof

6.48

4.48

16.32

'84

Machinery, mechanical appliances, nuclear reactors

4.97

4.56

9.45

'85

Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television ...

9.16

6.45

8.54

'72

Iron and steel

4.85

4.00

8.51

'87

Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

1.83

5.27

8.23

'26

Ores, slag and ash

2.73

2.15

4.95

'39

Plastics and articles thereof

3.59

2.16

4.88

'40

Rubber and articles thereof

3.33

2.95

4.16

 

Top 10 commodities of exports from Slovenia to India during 2019-2021

  

Product code

 

Product label

Slovenia's exports to India

2019

2020

2021

'29

Organic chemicals

36.94

47.95

38.96

'84

Machinery, mechanical appliances, nuclear reactors, boilers; parts thereof

20.45

15.89

17.85

'72

Iron and steel

21.68

17.34

16.17

'85

Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television ...

7.52

8.18

10.88

'48

Paper and paperboard; articles of paper pulp, of paper or of paperboard

3.78

3.34

4.80

'90

Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical ...

2.71

7.01

4.68

'39

Plastics and articles thereof

4.79

2.13

3.39

'28

Inorganic chemicals

0.74

0.88

2.07

'40

Rubber and articles thereof

1.40

1.40

1.78

'38

Miscellaneous products

0.32

1.78

1.47
  1. Bilateral trade of India with Slovenia in 2022

 As per the newest information2 for the period of January-August 2022, the total bilateral trade of India with Slovenia was EUR 347.69 million, with import from India in total of EUR 259.21 million, and export to India in total of EUR 88.48 million. The surplus is on Indian side, in total EUR 170.73 million.

In the period of January-August 2022, the Embassy answered 444 business inquiries from India and 4 from Slovenia, and issued 73 busines visas.

India is among TOP25 exporting countries to Slovenia, anchored to 22nd place, and among TOP 03 Asia’ exporting countries to Slovenia.2

Top 10 commodities of import by Slovenia from India in 2022

Product code

Product label

Jan-August 2022

'29

Organic chemicals

107.65

'30

Pharmaceutical products

63.13

‘76

Aluminium And Articles Thereof

21.84

'72

Iron and steel

7.47

'85

Electrical machinery and equipment and parts thereof, sound recorders and reproducers, television…

6.89

'39

Plastics and articles thereof

5.95

'09

Coffe, tea, mate and spices

5.56

'55

Man-made staple fibres

5.44

'84

Nuclear reactors, boilers, machinery and mechanical appliances, parts thereof

5.10

'87

Vehicles other than railway or tramway rolling stock, and parts and accessories thereof

4.95

 

Top 10 commodities of export of Slovenia to India in 2022

Product code

Product label

Jan-August 2022

'29

Organic Chemicals

36.05

'84

Nuclear Reactors, boilers, machinery and mechanical appliances, parts thereof

11.36

'72

Iron And Steel

10.48

'85

Electrical Machinery and equipment and parts thereof, sound recorders and reproducers, television…

8.42

'48

Paper and Paper board, articles of paper pulp, of paper or of paper board

4.55

'39

Plastics and articles thereof

2.71

‘90

Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical Instruments and apparatus, parts and accessories thereof

2.52

'30

Pharmaceutical products

1.97

‘40

Rubber And Articles Thereof

1.31

'44

Wood and articles of wood, wood charcoal

1.06

 

  • MOUs (Memorandum of Understanding) signed between India and Slovenia

 Bilateral framework for discussion.

    • Agreement on setting up Joint Commitee on Bilateral Trade and Corporation (1993)
    • Double Taxation Avoidance Agreement (2003)
    • Export Credit Guarantee Corporation (ECGC) – Slovenian Export Corporation (SEC) Corporation Framework Agreement (2003)
    • Agreement on Mutual Promotion and Protection of Investments (2011)
    • Protocol Amending the Convention of Fiscal Evasion with respect to Taxes on Income (2016)

 

  1. Documents singed for facilitation.
    • Agreement on setting up Joint Commitee on Bilateral Trade and Corporation (1993)
    • MOU on Cooperation in the field of Sport between the Ministry of Youth Affairs and Sports of India and the Ministry of Education, Science and Sport of Slovenia (2019)
    • MOU signed between National Small Industries Corporation (NSIC) and Spirit Slovenia (2022)

 

  1. Documents signed between chambers.
    • Agreement between FICCI/ASSOCHAM and the Slovene Chamber of Commerce and Industry to set up Joint Business Council (1995)
    • National Centre for Trade Information, India (NCTI) – Chamber of Commerce of Slovenia (CCS) Agreement for reciprocal sharing of information (1997)
    • MOU between CII and CCIS
    • MOU between Invest India and Spirit Slovenia (2019)
    • Cooperation agreement between Chamber of Commerce and Industry of Slovenia (CCIS) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) (2019)

 

  1. Documents signed for specific sector or projects.
    • Agreement on Scientific and Technological Cooperation (1995)
    • MOU between the Bureau of Indian Standards and Slovenian Institute for Standardization (2011)
    • MOU between IIT Kanpur and (VGB) for Clean Ganga project (2019)
    • MOU between IIT Kanpur and Space-SI for Clean Ganga project (2019)

                                                      ***

Source:

1 Economic Diplomacy Division, Ministry of External Affairs, https://indbiz.gov.in/trade/

2Statistical Office of the Republic of Slovenia