New Delhi
India’s exports to Western markets saw significant double-digit growth in the April-June quarter of the current financial year, highlighting the economy’s competitive strength. According to the Commerce and Industry Ministry, India’s exports to the USA increased by 10.4%, while shipments to the Netherlands surged by 41.3% and to the United Kingdom by 21.9%.
Exports to Singapore and the United Arab Emirates also rose substantially, with increases of 26.55% and 17.6%, respectively. The US remains India’s largest export market, followed by the UAE and the Netherlands. However, exports to China fell by 2.8%, while imports from China grew by 8.3%, widening the trade deficit.
India has achieved positive export growth for three consecutive months despite global geopolitical challenges, such as disruptions in trade due to Houthi attacks around the Red Sea and the ongoing Russia-Ukraine conflict.
Looking ahead, the Reserve Bank of India (RBI) noted that global economic activity is strengthening across both advanced and emerging markets, and global trade in goods and services is gaining momentum, which is promising for the Indian economy.
In June, India’s goods and services exports rose by 5.4% to $65.47 billion. Cumulatively, exports during the April-June quarter grew by 8.4% to $200.33 billion. Trade Secretary Sunil Barthwal expressed optimism, stating, India’s total exports in the first quarter of 2024-25 have crossed $200 billion, and if this trend continues, we hope to exceed $800 billion for the fiscal year.
