Consistent Export Growth: 2.34% CAGR Over 7 Years
India's exports under HSN Chapter 72 have grown at a compound annual rate of 2.34% over 7 fiscal years, rising from ₹68,074.83 Crore in FY 2018-19 to ₹78,223.76 Crore in FY 2024-25.
72 HSN Code: Iron & Steel
HSN Chapter 72 represents Iron & Steel under GST classification. This code helps businesses identify Iron & Steel correctly for billing, taxation, and trade purposes. With HSN Chapter 72, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Iron & Steel.
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Sub-chapters under HSN Chapter 72
Following Sub Chapters fall under Iron & Steel:
Sub Chapter
New GST Rate
Old GST Rate
Description
Sub Chapter
New GST Rate
3
%
Essential
Old GST Rate
3
%
Description
Pig iron and spiegeleisen in pigs, blocks or other primary forms
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Ferrous products obtained by direct reduction of iron ore and other spongy ferrous products, in lumps, pellets or similar forms; iron having minimum purity by weight of 99.94%, in lumps, pellets or similar forms
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Ferrous waste and scrap; remelting scrap ingots of iron or steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Granules and powders, of pig iron, spiegeleisen, iron or steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Iron and non-alloy steel in ingots or other primary forms (excluding iron of heading 7203)
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Semi-finished products of iron or non-alloy steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, hotrolled, not clad, plated or coated
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, coldrolled (cold-reduced), not clad, plated or coated
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, clad, plated or coated
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of iron or non-alloy steel, of a width of less than 600 mm, not clad, plated or coated
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of iron or non-alloy steel, of a width of less than 600 mm, clad, plated or coated
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Other bars and rods of iron or non-alloy steel, not further worked than forged, hotrolled, hot-drawn or hot-extruded, but including those twisted after rolling
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Other bars and rods of iron or non-alloy steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Angles, shapes and sections of iron or nonalloy steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Wire of iron or non-alloy steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Stainless steel in ingots or other primary forms; semi-finished products of stainless steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of stainless steel, of a width of 600 mm or more
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of stainless steel, of a width of less than 600 mm
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Barsandrods, hot-rolled, inirregularlywound coils, of stainless steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Other bars and rods of stainless steel; angles, shapes and sections of stainless steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Other alloy steel in ingots or other primary forms; semi-finished products of other alloy steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of other alloy steel, of a width of 600 mm or more
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Flat-rolled products of other alloy steel, of a width of less than 600 mm
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Bars and rods, hot-rolled, in irregularly wound coils, of other alloy steel
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
Other bars and rods of other alloy steel; angles, shapes and sections, of other alloy steel; hollow drill bars and rods, of alloy or non-alloy steel
India’s Trade Performance — HSN Chapter 72 in FY 2024-25
TradeStat EIDB — Ministry of Commerce & Industry
FY 2018-19–FY 2024-25
Values in ₹ Crore
India’s Exports
FY 2024-25₹78,224 Cr
−20.28%
vs FY 2023-24
2.1122% of India’s total exports
India’s Imports
FY 2024-25₹1,47,109 Cr
−4.76%
vs FY 2023-24
2.4124% of India’s total imports
Trade Balance
FY 2024-25−₹68,886 Cr
Trade Deficit
Surplus rank #89 of 97 chapters
At a glance
2.34%
Export CAGR
FY 2018-19 → FY 2024-25 · 7 fiscal years
#10
National Export Rank
of 97 chapters by export value, FY 2024-25
+89.70%
Peak Growth Year
FY 2021-22 · strongest single-year move
1.1×
Export Growth · 7Y
₹68,074.83 Cr → ₹78,223.76 Cr
India Export-Import Trade Statistics for HSN Chapter 72
7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB.
FY 2018-19
Exp. Rank #8
Balance
−19,914.13
Exports
68,074.83 ₹ Cr
2.9512% share
— YoY
Imports
87,988.96 ₹ Cr
2.4480% share
— YoY
FY 2019-20
Exp. Rank #8
Balance
−10,080.11
Exports
65,774.73 ₹ Cr
2.9649% share
−3.38% YoY
Imports
75,854.84 ₹ Cr
2.2571% share
−13.79% YoY
FY 2020-21
Exp. Rank #8
Balance
+28,639.94
Exports
89,928.15 ₹ Cr
4.1667% share
+36.72% YoY
Imports
61,288.21 ₹ Cr
2.1019% share
−19.20% YoY
FY 2021-22
Exp. Rank #4
Balance
+76,537.98
Exports
1,70,590.65 ₹ Cr
5.4216% share
+89.70% YoY
Imports
94,052.67 ₹ Cr
2.0568% share
+53.46% YoY
FY 2022-23
Exp. Rank #9
Balance
−36,000.05
Exports
1,06,919.14 ₹ Cr
2.9530% share
−37.32% YoY
Imports
1,42,919.19 ₹ Cr
2.4857% share
+51.96% YoY
FY 2023-24
Exp. Rank #8
Balance
−56,347.40
Exports
98,117.77 ₹ Cr
2.7118% share
−8.23% YoY
Imports
1,54,465.17 ₹ Cr
2.7505% share
+8.08% YoY
FY 2024-25
Exp. Rank #10
Balance
−68,885.59
Exports
78,223.76 ₹ Cr
2.1122% share
−20.28% YoY
Imports
1,47,109.35 ₹ Cr
2.4124% share
−4.76% YoY
CAGR · 7-Year
Exports
2.34% /yr
Imports
8.94% /yr
Consistently Deficit
Peak export growth year
Latest available data
Not available
YoY = change vs previous FY
Key Trade Insights: HSN Chapter 72 Export-Import Analysis
HSN Chapter 72 Ranked #10 Among All 97 Chapters by Export Value
In FY 2024-25, HSN Chapter 72 ranks #10 out of 97 chapters by total export value. By trade surplus, it ranks #89 of 97.
FY 2021-22 Was the Strongest Growth Year for HSN Chapter 72 Exports
The strongest single-year export movement for HSN Chapter 72 was recorded in FY 2021-22, when exports surged by 89.70% over the prior year.
India Records a Trade Deficit of ₹68,885.59 Crore in HSN Chapter 72 Goods
In FY 2024-25, India's imports of ₹1,47,109.35 Cr exceeded exports of ₹78,223.76 Cr, resulting in a trade deficit of ₹68,885.59 Crore — ranking #89 of 97 by surplus magnitude.
Import Growth of 8.94% CAGR Signals Stable Import Dependency for Iron & Steel
India's imports under HSN Chapter 72 have grown at 8.94% CAGR, reaching ₹1,47,109.35 Crore in FY 2024-25.
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Important Disclaimer
The above does not constitute professional advice or a formal recommendation. We recommend consulting a professional tax consultant before acting on the information contained in this piece of content.