As of 2023-24, India’s exports have expanded to 115 out of 238 countries worldwide. By May 2024, exports had grown by 9.1% year-on-year to $38.13 billion, driven by strong demand for engineering goods, petroleum, electronics, pharmaceuticals, and textiles. Major export destinations include the U.K., U.S., Netherlands, China, Saudi Arabia, Singapore, Bangladesh, Germany, and Italy.
Meanwhile, imports increased by 7.7% to $61.91 billion, widening the trade deficit to $23.78 billion, a seven-month high.According to reports, commerce secretary Sunil Barthwal expects continued growth due to reduced inflationary pressures and increased consumer purchasing power. Despite a 3.1% decline in FY24 exports, the fiscal year began on a positive note, with April-May 2024 exports rising by 5.1%.
Notably, India’s tyre exports surged 17% in Q1 FY25 to ₹6,219 crore, driven by R&D, competitive pricing, and growing global demand. Overall, exports reached $778.2 billion in 2023-24, a slight increase from $776.4 billion in 2022-23. India’s share of global merchandise exports grew from 1.70% in 2014 to 1.82% in 2023, improving its rank from 19th to 17th. Exports to the top 10 destinations saw a 13% increase year-on-year in 2023-24.

What is export?

Exports involve the sale of goods and services to other countries, playing a crucial role in the nation’s economy by contributing to GDP and balancing trade deficits. India exports a diverse range of products, including engineering goods, petroleum, textiles, pharmaceuticals, and IT services, with major markets in the U.S., the EU, UAE, and China. The government supports these exports through various policies and trade agreements to enhance foreign exchange earnings and economic growth. Recent trends focus on expanding markets, increasing value-added exports, and strengthening trade relationships globally.

Key commodities India deals in

Source: PIB India

List of India’s top exporters

Source: PIB India

From the USA to France: India’s major export destinations

U.S.A.
The U.S.A. is a major export destination for India, with key exports including jewellery, pharmaceuticals, textiles, engineering goods, and IT services.
U.A.E.
The U.A.E. plays a crucial role in India’s exports due to its strategic location. Major export commodities include gems, textiles, petroleum products, and food items.
Netherlands
The Netherlands is a significant export partner for India, serving as a gateway to Europe. Key exports include petroleum machinery, pharmaceuticals, machinery, and food products.
U.K.
The U.K. imports textiles, machinery, and pharmaceuticals from India.
China P.R.
Despite growing tensions, China remains a key market for Indian exports such as iron ore, cotton yarn, organic chemicals, and petroleum products.
Singapore
As a vital Southeast Asian partner, Singapore’s imports from India primarily consist of petroleum products, machinery, precious stones, and organic chemicals.
Saudi Arabia
India exports various goods to Saudi Arabia, including petroleum products, textiles, and engineering goods.
Bangladesh P.R.
Despite ongoing tensions, India continues to export cotton, cereals, machinery, and pharmaceuticals to Bangladesh.
Germany
Germany imports machinery, pharmaceuticals, auto components, and textiles from India.
France
France is a notable importer of Indian textiles, machinery, and pharmaceuticals.
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