look news india
New Delhi: Despite global economic uncertainties, India's exports have increased from a total of 238 countries to 115 countries in FY 2023-24. This information has been obtained from official figures. According to data released by the Commerce Ministry, these 115 export destinations of India account for 46.5 percent of India's total exports.
These countries include America, United Arab Emirates (UAE), Netherlands, China, Britain, Saudi Arabia, Singapore, Bangladesh, Germany and Italy. In the last financial year, the country's merchandise exports had declined by three percent to $437.1 billion. However, services exports increased to $341.1 billion in 2022-23 from $325.3 billion.
The data showed that despite persistent global challenges, the country's total exports (a combination of goods and services) were set to reach an all-time high in 2022-23. In the last financial year (2023-24), the country's total exports reached $ 778.2 billion, while in 2022-23 it stood at $ 776.4 billion. In this way there was a slight increase of 0.23 percent in exports.
The share of India's merchandise exports has also increased from 1.70 percent in 2014 to 1.82 percent in 2023. During this period, India moved from 19th to 17th position among world exporters of goods. Additionally, India's exports to the top 10 destinations are expected to grow by 13 per cent year-on-year in 2023-24. China has emerged as the primary destination for India's exports with an export value of $35.6 billion.
Similarly, exports to Singapore increased by 20.19 percent to $14.4 billion, exports to Britain increased by 13.30 percent to $13 billion and exports to China increased by 8.70 percent to $16.7 billion.
The data shows that countries like Russia (35.41 percent), Romania (138.84 percent) and Albania (234.97 percent) recorded high growth in exports. Strengthening trade relations with these countries can take advantage of untapped opportunities and enhance India's overall export competitiveness.