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India’s exports to countries such as the Netherlands, Saudi Arabia, Brazil, Indonesia have witnessed consistent growth during the last five years (FY19 to FY23), and are set to be emerging major growth destinations for the country’s outbound shipments, according to a report prepared by PHD Chamber of Commerce and Industry.
These countries have showcased a high average growth rate with India even amidst the global economic slowdown.
Overall, the top 10 highly growing export destinations include Togo (73 per cent), the Netherlands (36 per cent), Brazil (28 per cent), Israel (27 per cent), Indonesia (24 per cent), Turkey (22 per cent), Australia (20 per cent), South Africa (19 per cent), Saudi Arabia (16 per cent), and Belgium (13 per cent). The report also pointed out that going ahead, there is also a need for the volume of exports to pick up from these nations.
“This has had an immediate effect on the growth of exports. Despite a short-term decline that was anticipated to last until September 2023, owing to uncertainty and recessionary headwinds in several advanced nations, exports rose sharply in October 2023,” the report said.
On the other hand, some of India’s key export destinations, such as the United Arab Emirates (UAE), China, Singapore, the UK, Germany, Vietnam have showcased an average growth rate of less than 10 per cent, pointing out that they are moderately growing export destinations.
As far as commodities are concerned, high-growth export commodities such as sugar and confectionery, mineral fuel and oils, aluminium and articles, inorganic chemicals, ships, boats and floating structures, rubber and articles, and optical, photographic, medical apparatus would enhance India’s export growth to new highs, Ranjeet Mehta, Executive Director of the industry lobby group, said.
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