look news india
New Delhi: Exports to India's top 10 major export destinations grew 16.5 per cent in the April-June quarter, while India's overall merchandise exports grew 5.8 per cent during the period, according to commerce ministry data.
During this period, among India's top 10 export destinations, exports to China alone declined by 2.8 percent. But the remaining 9 countries, including the US (10.4 percent), United Arab Emirates (17.6 percent), Netherlands (41.3 percent), United Kingdom (21.9 percent), Singapore (26.55 percent), Saudi Arabia (4.9 percent), Bangladesh (10.5 percent), Germany (3.4 percent) and Malaysia (81.8 percent), registered good positive growth.
These top 10 countries accounted for 52 per cent of India's total merchandise exports in the first quarter of this fiscal year. The US has been India's biggest export destination. It is followed by the United Arab Emirates and the Netherlands.
After a decline of three per cent in FY2023-24, India's exports have witnessed positive growth for three consecutive months in the current year. However, this growth was not uniform. At the beginning of this financial year i.e. in April, exports grew by 2 per cent, while in May exports grew by a massive 13 per cent. However, during June it grew by only 2.5 per cent. This happened because exporters faced difficulties due to sluggish demand and logistics concerns.
In terms of imports, imports from countries other than Singapore, Saudi Arabia and Switzerland have increased among India's top 10 countries. These 10 countries accounted for more than 62 percent of India's total merchandise imports. Imports from these 10 countries increased by 12 percent while total imports increased by 7.6 percent.
Imports have increased due to higher imports of electronic goods, petroleum products, non-ferrous metals and machinery from abroad. India imports the most from China, followed by Russia. Gold is imported mainly from Switzerland and imports from there have fallen by 10.5 per cent to $4.56 billion.