India’s exports rise in 115 nations out of 238 in FY24

THESE 115 EXPORT DESTINATIONS ACCOUNT FOR 46.5% OF INDIA’S EXPORT BASKET

NEW DELHI: India’s exports have increased to as many as 115 countries out of the total 238 destinations during 2023-24 despite the global economic uncertainties, according to commerce ministry’s data.

These 115 export destinations, which account for 46.5% of India’s export basket, include the US, UAE, Netherland, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy.

The country’s merchandise exports dipped by 3% 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.

The data showed that despite persistent global challenges, overall exports (goods and services together) hit the highest level in 2022-23.

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%.

The share of India’s merchandise exports has also increased marginally from 1.70% in 2014 to 1.82% 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% year-on-year increase in 2023-24.

The UAE has emerged as the primary destination, with a substantial 12.71% growth in export value at $35.6 billion.

Similarly, exports to Singapore that surged by 20.19% to $14.4 billion, to the UK (up 13.30% to $13 billion), and to China (up 8.70% to $16.7 billion) also recorded healthy growth indicating a sustained demand for Indian products.

The data showed that the exponential growth rates observed in countries like Russia (35.41%), Romania (138.84%), and Albania (234.97%) underscore 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.