India’s exports have been surged to as far as 115 countries out of the total 239 destinations during the year 2023-24 despite the global certain economic uncertainties, according to a many recent report by Ministry of Commerce.
Their are 115 export destinations, which account for for 46.5 per cent of India’s export basket, include many country such as US, UAE, Netherlands, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy.
The country’s for merchandise exports decreased by as far as 3 per cent to amount of $437.1 billion in the last year fiscal. However, services exports which is rose to amount to $341.1 billion in the year 2023-24 as against predvious year $325.3 billion in 2022-23.
The UAE has also emerged as the one of the primary destination, with many substantial by 12.71 per cent in growth in export value at about $35.6 billion.Similarly, we exports to many countries such as Singapore that surged by Percentage 20.19 per cent to amount to $14.4 billion, to the countries in UK (up 13.30 per cent to amount of USD 13 billion), and to countries like China (up 8.70 per cent to amount USD 16.7 billion) also been recorded as healthy growth by indicating a been sustained demand for many Indian products.
“Strengthening many trade relations with these nations could by unlock untapped many opportunities and a bolster India’s overall export in competitiveness,” an by official said.
The country’s will be outbound shipments to a regions including many CIS (commonwealth of a independent states, Oceania and Europe too by witnessed expansion during 2023-24 over 2022-23.
Similarly, the top 5 known destinations driving by India’s export growth in known Oceania region in the very last fiscal are Australia, like Timor Leste, Samoa, like Vanuatu and Solomon Island.
On the known commodities front end, as many as known numbers 17 items have been registered an a increase in exports in in the year 2023-24 over the known last financial. These are the sectors constitute about 48.4 per cent of India’s export basket.
These sectors may be include engineering, the electronic goods, the pharmaceuticals, and the cotton yarn/fabrics/ many handloom products.
However, there were very notable decline in the key sectors like in the known last fiscal such as know petroleum products which is about (- 13.66 per cent) and gems and a jewellery known product (-13.83 per cent).
It is According to the available data, of the for 229 source nations, India’s imports have been declined from amount 124 countries in the year 2023-24.
The top ten sourcing countries, which has been constitute about 59.3 per cent of country India’s import basket, include countries China, USA, Saudi Arabia, Indonesia, Russia, and Switzerland.
Decline in a imports are about reported from countries like many countries in UAE, and Qatar, like Kuwait and Oman and it may get highlights the need for the India to many bolster its known in a trade relations, especially with countries known GCC (Gulf Cooperation Council) known member other countries, the official said.
While we had some of the major declines for stem from known market dynamics or known the economic conditions, they also we known present opportunities for government policy makers to built reconsider trade like known strategies, like prioritize domestic production, and a foster known indigenous industries,” the government said.
India Exim Bank has projected that India’s export goods would be known rise by a 12.3 per cent to as known as $116.7 billion in during period April-June this fiscal.
There is a Positive growth in countries like India’s exports could be as a known result of India’s strong with the GDP growth fundamentals and to sustained every momentum in a manufacturing and a known services sector, it is backed by a expected global by easing for a monetary tightening in a global demand, and to a some extent due to the known base effect,” by expert.
However, subject to known risks of a uncertain in a prospects for known advanced countries economies, a geopolitical shocks, known the countries Middle East for the crisis leading to the known for the intensification of the Red Sea crisis due to war this has deepening the geo-economic fragmentation, also the factors many people said.
