Data from the commerce department indicated that in May, the United Kingdom (UK) surpassed China to rank as India’s fourth-largest export market. In May of last year, India’s sixth-largest export destination was the UK.
Although exports to the UK increased by 33% to $1.37 billion in May, shipments to China increased by 3% to $1.33 billion in the same month.
While disaggregated data for May was not immediately available, recent patterns indicated that a variety of goods, including machinery, food, pharmaceuticals, textiles, jewellery, iron, and steel, constituted the majority of exports to the UK.
According to statistics from the Commerce Department, exports to several of India’s top 10 major export destinations saw positive growth in May, reversing a pattern that had seen shipments to some of these nations decline for more than a year.
52 percent of the nation’s total products export value in May came from these 10 countries. India shipped $38 billion worth of goods in May, an increase of 9.13%.
This was the result of several months of modest rise in exports, driven by erratic demand throughout the world and an uneven economic rebound.
The United States (US) remained India’s top export destination, growing by 13%, while the United Arab Emirates (UAE) had a 19% increase.
India’s third-largest export destination, the Netherlands, had a roughly 44% increase in exports in May, reaching $2.19 billion.
Additional nations exhibiting favourable expansion include Saudi Arabia (8.46 percent), Singapore (4.64 percent), Bangladesh (13.47%), Germany (6.74%), and France (369.94 percent).
Brings in
Only Saudi Arabia and Switzerland saw a decline in inbound shipments in May of 4.11 percent and 32.33 percent, respectively, out of India’s top 10 import markets, according to the data.
May saw rise in the remaining eight as well, reflecting the 7.7% increase in merchandise imports to $61.91 billion total.
India’s reliance on crude oil contributed significantly to the 18% increase in imports from Russia to $7.1 billion. India’s second-largest import destination, after China, remained to be this nation. China experienced a 2.81 percent increase, totaling $8.48 billion. Gold imports account for the majority of Switzerland’s imports, which fell by almost a third to $1.52 billion.
The US (0.4%), the UAE (18%), Iraq (58.68%), Indonesia (-23.36%), South Korea (13%) and Singapore (8.78%) all saw increases in shipments into their countries. More than 61% of India’s product imports come from these 10 nations.