Markets expanded to North America
India’s exports increased by a huge 67% to US$778.21 billion in 2023-24 from US$466.22 billion in 2013-14, driven by strong performances in both merchandise and services exports https://fieo.org/.
Key sectors like electronics, pharmaceuticals, engineering goods, iron ore, and textiles played a vital role in this surge. Strengthened by strategic policy measures, enhanced competitiveness, and broader market access, India’s export ecosystem is now more resilient and deeply integrated into the global economy https://www.commerce.gov.in/.
The momentum has continued into FY2024-25, with cumulative exports during April-December 2024 estimated at US$602.64 billion, a 6.03% increase from US$568.36 billion in the same period of 2023 https://www.makeinindia.com/home/.
The export landscape has expanded to North America from the EU, West Asia, and ASEAN https://www.wto.org/.
In 2023-24, the top merchandise export destinations for India included the USA (17.90%), UAE (8.23%), Netherlands (5.16%), China (3.85%), Singapore (3.33%), UK (3.00%), Saudi Arabia (2.67%), Bangladesh (2.55%), Germany (2.27%) and Italy (2.02%) https://www.exportworldwide.com/en/.
Together, these 10 countries made up 51% of India’s total merchandise export value in 2023-24. fiinews.com
