Export Decline: −11.77% CAGR Over 7 Years
India's exports under HSN Chapter 98 have declined at a compound annual rate of −11.77% over 7 fiscal years, falling from ₹298.23 Crore in FY 2018-19 to ₹140.70 Crore in FY 2024-25.
98 HSN Code: Project Imports & Laboratory Chemicals
HSN Chapter 98 represents Project Imports & Laboratory Chemicals under GST classification. This code helps businesses identify Project Imports & Laboratory Chemicals correctly for billing, taxation, and trade purposes. With HSN Chapter 98, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import/export of Project Imports & Laboratory Chemicals.
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Sub-chapters under HSN Chapter 98
Following Sub Chapters fall under Project Imports & Laboratory Chemicals:
Sub Chapter
New GST Rate
Old GST Rate
Description
Sub Chapter
New GST Rate
5
%
Essential
Old GST Rate
5
%
Description
All items of machinery including prime movers, instruments, apparatus and appliances, control gear and transmission equipment, auxiliary equipment (including those required for research and development purposes, testing and quality control), as well as all components (whether finished or not) or raw materials for the manufacture of the aforesaid items and their components, required for the initial setting up of a unit, or the substantial expansion of an existing unit, of a specified : (1) industrial plant, (2) irrigation project, (3) power project, (4) mining project, (5) project for the exploration for oil or other minerals, and (6) such other projects as the central government may, having regard to the economic development of the country notify in the official gazette in this behalf; and spare parts, other raw materials (including semi-finished material) or consumable stores not exceeding 10% of the value of the goods specified above provided that such spare parts, raw materials or consumable stores are essential for the maintenance of the plant or project mentioned in (1) to (6) above
Sub Chapter
New GST Rate
12
%
Standard
Old GST Rate
12
%
Description
All dutiable articles, imported by a passenger or a member of a crew in his baggage
Sub Chapter
New GST Rate
5
%
Essential
Old GST Rate
18
%
Description
All dutiable articles, intended for personal use, imported by post or air
Sub Chapter
New GST Rate
18
%
Standard
Old GST Rate
18
%
Description
THE FOLLOWING ARTICLES OF STORES ON BOARD OF A VESSEL OR AIRCRAFT ON WHICH DUTY IS LEVIABLE UNDER THE CUSTOMS ACT, 1962 (52 OF 1962), NAMELY:
India’s Trade Performance — HSN Chapter 98 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₹141 Cr
−31.47%
vs FY 2023-24
0.0038% of India’s total exports
India’s Imports
FY 2024-25₹9,845 Cr
−19.02%
vs FY 2023-24
0.1614% of India’s total imports
Trade Balance
FY 2024-25−₹9,704 Cr
Trade Deficit
Surplus rank #77 of 97 chapters
At a glance
−11.77%
Export CAGR
FY 2018-19 → FY 2024-25 · 7 fiscal years
#93
National Export Rank
of 97 chapters by export value, FY 2024-25
+62.21%
Peak Growth Year
FY 2022-23 · strongest single-year move
0.5×
Export Growth · 7Y
₹298.23 Cr → ₹140.70 Cr
India Export-Import Trade Statistics for HSN Chapter 98
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 #88
Balance
−16,561.70
Exports
298.23 ₹ Cr
0.0129% share
— YoY
Imports
16,859.93 ₹ Cr
0.4691% share
— YoY
FY 2019-20
Exp. Rank #86
Balance
−14,222.95
Exports
395.04 ₹ Cr
0.0178% share
+32.46% YoY
Imports
14,617.99 ₹ Cr
0.4350% share
−13.30% YoY
FY 2020-21
Exp. Rank #95
Balance
−11,579.91
Exports
61.13 ₹ Cr
0.0028% share
−84.53% YoY
Imports
11,641.04 ₹ Cr
0.3992% share
−20.37% YoY
FY 2021-22
Exp. Rank #92
Balance
−11,076.32
Exports
86.70 ₹ Cr
0.0028% share
+41.83% YoY
Imports
11,163.02 ₹ Cr
0.2441% share
−4.11% YoY
FY 2022-23
Exp. Rank #90
Balance
−14,081.28
Exports
140.64 ₹ Cr
0.0039% share
+62.21% YoY
Imports
14,221.92 ₹ Cr
0.2473% share
+27.40% YoY
FY 2023-24
Exp. Rank #90
Balance
−11,952.44
Exports
205.32 ₹ Cr
0.0057% share
+45.99% YoY
Imports
12,157.76 ₹ Cr
0.2165% share
−14.51% YoY
FY 2024-25
Exp. Rank #93
Balance
−9,704.10
Exports
140.70 ₹ Cr
0.0038% share
−31.47% YoY
Imports
9,844.80 ₹ Cr
0.1614% share
−19.02% YoY
CAGR · 7-Year
Exports
−11.77% /yr
Imports
−8.58% /yr
Consistently Deficit
Peak export growth year
Latest available data
Not available
YoY = change vs previous FY
Key Trade Insights: HSN Chapter 98 Export-Import Analysis
HSN Chapter 98 Ranked #93 Among All 97 Chapters by Export Value
In FY 2024-25, HSN Chapter 98 ranks #93 out of 97 chapters by total export value. By trade surplus, it ranks #77 of 97.
FY 2022-23 Was the Strongest Growth Year for HSN Chapter 98 Exports
The strongest single-year export movement for HSN Chapter 98 was recorded in FY 2022-23, when exports surged by 62.21% over the prior year.
India Records a Trade Deficit of ₹9,704.10 Crore in HSN Chapter 98 Goods
In FY 2024-25, India's imports of ₹9,844.80 Cr exceeded exports of ₹140.70 Cr, resulting in a trade deficit of ₹9,704.10 Crore — ranking #77 of 97 by surplus magnitude.
Import Growth of −8.58% CAGR Signals Stable Import Dependency for Project Imports & Laboratory Chemicals
India's imports under HSN Chapter 98 have grown at −8.58% CAGR, reaching ₹9,844.80 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.