Exports up in 115 nations out of 238 destinations

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 per cent 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 per cent 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 per cent.

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

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

Similarly, exports to Singapore that surged by 20.19 per cent to $14.4 billion, to the UK (up 13.30 per cent to $13 billion), and to China (up 8.70 per cent 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 per cent), Romania (138.84 per cent), and Albania (234.97 per cent) underscore the exploration of new markets.

Of the 229 source nations, India’s imports have declined from 124 countries in 2023-24. The top 10 source countries, which constitute 59.3 pc of India’s import basket, include China, US and Saudi Arabia