India’s top ten exports (by country) increased at a quicker rate of 16.5% during the April–June quarter than the country’s overall merchandise export growth of 5.8%.
Nine of the top ten saw positive growth in exports, with the exception of China, which saw a 2.8% contraction. These countries included the United States (10.4%), United Arab Emirates (17.6%), Netherlands (41.3%), United Kingdom (21.9%), Singapore (26.55%), Saudi Arabia (4.9%), Bangladesh (10.5%), Germany (3.4%), and Malaysia (81.8%).
52 percent of India’s total value of goods exported in the first quarter of this fiscal year came from these top ten countries.
The United States (US) remained India’s top export destination, followed by the Netherlands and the United Arab Emirates (UAE).
In the last three months of the current fiscal year, outbound shipments from India have experienced positive growth, following a 3% decrease in the fiscal year 2023–2024. But the growth wasn’t uniform.
April had a 2 percent increase in exports, and May saw a strong 13 percent increase.
After that, the increase fell to 2.5% in June as exporters struggled with weak demand and issues with logistics.
Bringing in
With the exception of Singapore, Saudi Arabia, and Switzerland, India’s top ten import partners saw increases in shipments in the first quarter of the current fiscal year, according to the data.
Over 62% of India’s imports of goods come from the top ten nations.
Compared to the 7.6% growth in inbound shipments overall, import growth from these top ten nations surged by 12%.Electronics, petroleum products, non-ferrous metals, and machinery were the main drivers of this.
The United States (5.4%), the United Arab Emirates (35.7%), Iraq (27.5%), Indonesia (17.9%), South Korea (7.2%), Russia (19.7%), and China (8.3%) all saw increases in exports into their countries.
Due mostly to India’s reliance on crude oil, imports from Russia increased by nearly a fifth to $18.36 billion in the quarter that concluded in June.
After China, the nation remained India’s second-biggest import partner.
Switzerland’s imports, which are mostly driven by gold, fell 10.5% to $4.56 billion.