New Delhi, July 20 (IANS) India’s exports to the lucrative Western markets have recorded a strong double-digit growth in the April-June quarter of the current financial year reflecting the competitive strength of the economy.
The latest data compiled by the Commerce and Industry Ministry show that India’s exports to the USA shot up by 10.4 per cent during the quarter, while in the case of The Netherlands, there was a 41.3 per cent surge and shipments to the United Kingdom rose by 21.9 per cent.
Exports to the affluent markets of Singapore and the United Arab Emirates also surged by as much as 26.55 per cent and 17.6 per cent respectively.
The US continued to remain India’s largest export market, followed by the United Arab Emirates (UAE) and the Netherlands.
The figures also show that India’s exports to China contracted by 2.8 per cent while imports from the neighbouring country increased by 8.3 per cent increasing the trade deficit,
India has now recorded positive growth in exports for three months in a row despite geopolitical challenges such as the disruption in world trade due to the Houthi attacks on ships around the Red Sea region and the Russia-Ukraine war.
Looking ahead, the RBI has said that global economic activity appears to be strengthening across advanced economies and emerging market economies and global trade in goods and services is gathering momentum which augurs well for the Indian economy.
India’s goods and services exports increased by 5.4 per cent in June to $65.47 billion while the cumulative overall growth of exports during the April-June quarter this year works out to a robust 8.4 per cent at $200.33 billion.
“India’s total exports in the first quarter of 2024-25 have crossed $200 billion and, if this trend continues, we hope this fiscal year’s exports cross $800 billion,” said Trade Secretary Sunil Barthwal, releasing the monthly trade figures this week.
–IANS
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