India and Slovenia Trade Relations

India and Slovenia trade relations have seen significant growth in bilateral transactions and shared values and interests since establishing diplomatic relations in 1993. Trade between India and Slovenia has been increasing, with Slovenia serving as a gateway for India into Southern and Central Europe, leading to strengthened economic ties between the two nations.

In this article, we get into the details of trade volumes, products, and trends so that the overview of the trade relationship is clear.

Trade Snapshot

For FY 2023-24, the statistics below are to be followed.

India imported 783 commodities identified under 64 chapters across 20 sectors from Slovenia.  India exported 955 commodities identified under 72 chapters across 20 sectors from Slovenia.

Trade Trends

Trade Trends Import India’s overall imports from Slovenia have changed -1.78 % from 2021-22 to 2022-23. We take a look at the change in imports from Slovenia in 2022-23 over imports in 2021-22.

Sectorwise Changes – The Minerals sector saw a 511.54% increase in imports to 1.59 in 2022-23 from 0.26 in 2021-22 – The Aircraft sector saw a 53.38 % decrease in imports to 19.18 in 2022-23 from 41.14 in 2021-22 

Commodity-wise Changes - The commodity, Parts Of other Rotating Electric Plants, saw a 118.42% increase in imports to 8.3 in 2022-23 from 3.8 in 2021-22 – The commodity other parts and accessories of vehicles Hdg 8701-8705  saw a 50.84 % decrease in imports to 10.28 in 2022-23 from 20.91 in 2021-22.

India’s exports to Slovenia have changed by 23.56 % from 2021-22 to 2022-23.  We take a look at the change in exports from Slovenia in 2022-23 over exports in 2021-22 

Sectorwise Changes – The Surgical and other Instruments sector saw a 236.92% increase in exports to 4.38 in 2022-23 from 1.3 in 2021-22. The Minerals sector saw a 47.44 % decrease in imports to 4 in 2022-23 from 7.61 in 2021-22 

Commodity-wise Changes – The commodity, other switches saw a 4828.57% increase in exports to 3.45 in 2022-23 from 0.07 in 2021-22.

India’s Top Imports from Slovenia 

India's imports from Slovenia were US$302.75 million in 2022, according to the United Nations COMTRADE database on international trade. India Imports from Slovenia - data, historical chart, and statistics - was last updated in February of 2024.

Slovenia’s Imports from India

In 2022, Slovenia imported various commodities from India. Here are some of the key products and their corresponding import values:

Slovenia’s Top Exports to India  

Packaged Medicaments: Slovenia’s exports of packaged medicaments to India were valued at $7.26 billion.

Cars: The automobile sector contributed significantly, with exports amounting to $3.62 billion.

Motor Vehicles and Parts: This category, including motor vehicle parts and accessories, accounted for $1.2 billion in exports.

Refined Petroleum: Slovenia exported refined petroleum products worth $1 billion.

Vaccines, Blood, Antisera, Toxins, and Cultures: Exports in this medical category totalled $954 million.

India’s Top Exports to Slovenia

The value of total exports from India to Slovenia in the year 2022-23 amounted to USD 610.87 million. India exports 955 commodities identified under 72 chapters across 20 sectors from Slovenia.  

Organic Chemicals: India exported organic chemicals worth $116.71 million in 2022.

Pharmaceutical Products: The pharmaceutical sector contributed significantly, with exports valued at $92.93 million.

Articles of Apparel (Knit or Crocheted): Clothing items made of knit or crocheted fabric were exported, totalling $57.65 million.

Electrical and Electronic Equipment: India’s exports in this category amounted to $51.41 million.

Vehicles (Other than Railway and Tramway): Vehicles, excluding trains and trams, were also part of the export portfolio, with a value of $38.89 million.

India and Slovenia Trade Relations 

The trade trends between India and Slovenia over the last five years:

Bilateral Trade (2018-19 to 2022-23):

India is one of Slovenia’s important foreign trade partners in Asia.

Here’s the bilateral trade data for the specified period:

Bilateral Trade in FY 2023-24 (April 2023):

• India’s exports to Slovenia: 48.84 USD million
• India’s imports from Slovenia: 30.56 USD million
• Total trade: 79.40 USD million
• Balance in India’s favour: 18.28 USD million

Top 10 India’s Commodities Exported to Slovenia in FY 2023-24:

Product Code	Product Label	Export Value (USD million)	Growth (%)
29	Organic chemicals	8.30	-30.60
30	Pharmaceutical products	7.31	13.57
85	Electrical machinery and equipment	6.34	79.91
87	Vehicles other than railway/tramway	2.76	-0.53
84	Nuclear reactors, boilers, machinery	3.34	-25.51
38	Miscellaneous chemical products	1.91	20.61
61	Articles of apparel and clothing accessories	3.44	-35.76
72	Iron and steel	1.45	40.00
64	Footwear, gaiters, and similar articles	3.00	-39.36
09	Coffee, tea, mate, and spices	1.30	35.62

Trade Dependence

‘Dependence’ is defined as the fraction of trade that India does with said country compared to the total trade India does with the whole world. In this report, we take a look at these dependencies at the sector, chapter, and commodity levels.

Imports 

We define dependence as importing more than a certain percentage of India’s total imports to a single country. 

Sector-Wise -   India’s dependence on imports from Slovenia is maximally under the following sectors. The Dependence Percentage given in the following table indicates the level of dependence.  The table lists the Top sectors with import dependence on Slovenia.

Chapter-wise - India’s dependence on imports from Slovenia is maximally under the following chapters. The Dependence Percentage given in the following table indicates the level of dependence.  The table lists the Top HS Code chapters with import dependence on Slovenia.

Commodity Wise - India’s dependence on imports from Slovenia is maximally for the following commodities. The Dependence Percentage given in the following table indicates the level of dependence. The table lists commodities with import dependence on Slovenia. 

Exports

We define dependence as exporting more than a certain percentage of India’s total exports to a single country. 

Sector-Wise - India’s dependence on exports to Slovenia is maximally under the following sectors.

The Dependence Percentage given in the following table indicates the level of dependence.  The table lists sectors with export dependence on Slovenia.

Chapter-wise - India’s dependence on exports to Slovenia is maximally under the following chapters. The Dependence Percentage given in the following table indicates the level of dependence.  The table lists HS Code chapters with export dependence on Slovenia.

Commodity Wise -  India’s dependence on exports to Slovenia is maximal for the following commodities. The Dependence Percentage given in the following table indicates the level of dependence. The table lists commodities with export dependence on Slovenia. 

Conclusion

The evolving India and Slovenia trade relations offer opportunities for mutual prosperity and collaboration, with steady growth in bilateral exchange indicating potential for further expansion and diversification of economic engagement. 

To enhance economic ties, both countries should create a favourable environment for trade and investment by promoting bilateral trade, facilitating technology transfer, encouraging investment flows, and leveraging existing frameworks like Memoranda of Understanding and Bilateral Investment Treaties. Sustained dialogue, proactive policy measures, and targeted investments are crucial for unlocking the full potential of India-Slovenia trade relations and fostering a mutually beneficial partnership.