India’s exports to countries such as the Netherlands, Saudi Arabia, Brazil, and Indonesia have witnessed consistent growth during the past five years (2018–19 through 2022-23) and are set to emerge as major growth destinations for the country’s outbound shipments, according to a report prepared by the PHD Chamber of Commerce and Industry.
These countries have showcased a high average growth rate with India, even amidst the global economic slowdown. Overall, the top 10 highly growing export destinations include Togo (73 per cent), the Netherlands (36 per cent), Brazil (28 per cent), Israel (27 per cent) , Indonesia (24 per cent), Türkiye (22 per cent), Australia (20 per cent), South Africa (19 per cent), Saudi Arabia (16 per cent), and Belgium (13 per cent).
The report also points out that there is a need for the volume of exports to also pick up from these nations. “This has had an immediate effect on the growth of exports. Despite a short-term decline that was anticipated to last until September 2023 owing to uncertainty and recessionary headwinds in several advanced nations, exports rose sharply in October 2023,” the report said. On the other hand, some of India’s key export destinations, such as the United Arab Emirates, China, Singapore, the UK, Germany, and Vietnam, have showcased an average growth rate of less than 10 per cent, indicating that they are moderately growing export destinations.
As far as commodities are concerned, high-growth export commodities such as sugar and confectionery, mineral fuel and oils, aluminium and articles, inorganic chemicals, ships, boats, and floating structures, rubber and articles, and optical, photographic, and medical apparatus would enhance India’s export growth to new heights, Ranjeet Mehta, executive director of the industry lobby group, said.