In the April–June quarter of the current fiscal year, India’s exports to the lucrative Western markets had a robust double-digit growth, demonstrating the economy’s competitiveness.
According to the most recent data compiled by the Ministry of Commerce and Industry, India’s exports to the United States increased by 10.4% during the quarter, while shipments to the Netherlands increased by 41.3% and to the United Kingdom by 21.9%.
The wealthy markets of Singapore and the United Arab Emirates saw a significant increase in exports of up to 26.55% and 17.6%, respectively.
The United States remained India’s top export destination, with the United Arab Emirates (UAE) and the Netherlands following.
Additionally, the data indicates that India’s exports to China decreased by 2.8% while imports from the neighboring nation rose by 8.3%.
Notwithstanding geopolitical difficulties like the disruption of global trade brought on by Houthi attacks on ships in the Red Sea region and the Russia-Ukraine conflict, which have increased the trade imbalance, India has now seen positive growth in exports for three months in a row.
The Reserve Bank of India (RBI) has expressed optimism about the future of the Indian economy, stating that trade in goods and services is growing globally and that economic activity appears to be rising in both developed and emerging market economies.
India’s exports of goods and services rose 5.4% in June to $65.47 billion, while the country’s total export growth for the April–June quarter of this year came to a solid 8.4% at $200.33 billion.
“Trade Secretary Sunil Barthwal released the monthly trade figures this week. If this trend continues, we hope this fiscal year’s exports cross $800 billion.” “India’s total exports in the first quarter of 2024–25 have crossed $200 billion,” Barthwal stated.
