India's Exports to 115 Countries Surge Despite Global Uncertainties

New Delhi: The commerce ministry on Thursday said that India's exports have surged to as many as 115 countries out of the total 238 destinations during 2023-24, despite the global economic uncertainties. “These 115 export destinations, which account for 46.5 per cent of India's export basket, include the US, UAE, Netherland, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy,” the ministry said in a statement.

As per the data, India's merchandise exports dipped by 3 per cent to $437.1 billion in the last fiscal. However, services exports rose to $341.1 billion in 2023-24 as against $325.3 billion in 2022-23. “Despite persistent global challenges, overall exports (goods and services together) hit the highest level in 2022-23. However, overall exports reached $778.2 billion in 2023-24 as compared to $776.4 billion in 2022-23, registering a marginal growth of 0.23 per cent,” it said.

The ministry further said that the share of India’s merchandise exports has also increased marginally from 1.70 per cent in 2014 to 1.82 per cent in 2023. India's rank in world merchandise exporters too has improved from 19th to 17th during the same period. “Further, India’s export to its top 10 destinations witnessed a 13 per cent year-on-year increase in 2023-24,” it said.

The data, however, showed that the UAE has emerged as the primary destination, with a substantial 12.71 per cent growth in export value at $35.6 billion. “Similarly, exports to Singapore that surged by 20.19 per cent to $14.4 billion, to the UK (up 13.30 per cent to $13 billion), and to China (up 8.70 per cent to $16.7 billion) also recorded healthy growth indicating a sustained demand for Indian products,” it showed.

The data further showed that the exponential growth rates observed in countries like Russia (35.41 per cent), Romania (138.84 per cent), and Albania (234.97 per cent) underscores the exploration of new markets. “Strengthening trade relations with these nations could unlock untapped opportunities and bolster India's overall export competitiveness,” an official said.

The country’s outbound shipments to regions including CIS (commonwealth of independent states, Oceania and Europe too witnessed expansion during 2023-24 over 2022-23. “The top five export destinations driving export growth in CIS region during 2023-24 are Russia, Uzbekistan, Ukraine, Armenia and Tajikistan,” the data showed. “Similarly, the top five destinations driving India's export growth in Oceania region in the last fiscal are Australia, Timor Leste, Samoa, Vanuatu and Solomon Island. And in Europe, the major countries where Indian exporters recorded healthy growth in their shipments during 2023-24 are the UK, Romania, Albania, Netherland and Greece,” it said.

On the commodities front, the ministry data showed that as many as 17 items have registered an increase in exports in 2023-24 over the last financial. “These sectors constitute 48.4 per cent of India’s export basket. These sectors include engineering, electronic goods, pharmaceuticals, and cotton yarn/fabrics/handloom products,” it showed.

However, there was a notable decline in key sectors in the last fiscal such as petroleum products (- 13.66 per cent) and gems and jewellery (-13.83 per cent). “Out of the 229 source nations, India's imports have declined from 124 countries in 2023-24. The top 10 source countries, which constitute 59.3 per cent of India's import basket, include China, USA, Saudi Arabia, Indonesia, Russia, and Switzerland,” it said.