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Indian goods exports to top countries show double digit growth

NEW DELHI: India’s exports to the lucrative western markets have registered strong double-digit growth in the April-June quarter of the current fiscal, reflecting the competitiveness of the economy.

Latest data from the Ministry of Commerce and Industry shows that India’s exports to the US rose 10.4 percent in the quarter. In the case of the Netherlands, there was a growth of 41.3 percent and exports to the UK rose 21.9 percent.

Exports to the affluent markets of Singapore and the United Arab Emirates also rose, by 26.55 percent and 17.6 percent respectively.

The US remained the largest export market for India, followed by the United Arab Emirates (UAE) and the Netherlands.

The figures also showed that India’s exports to China shrank by 2.8 percent, while imports from the neighbouring country rose by 8.3 percent, widening the trade deficit.

India has now recorded positive export growth for three consecutive months despite geopolitical challenges such as disruption to global trade due to Houthis attacks on ships in the Red Sea region and the war between Russia and Ukraine.

The RBI has said that global economic activity in both advanced and emerging market economies appears to be strengthening and global trade in goods and services is gaining momentum, which bodes well for the Indian economy.

India’s exports of goods and services rose 5.4 per cent to $65.47 billion in June. The cumulative total growth in exports in the April-June quarter of this year stands at 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 to see exports cross $800 billion this fiscal,” commerce minister Sunil Barthwal said while releasing the monthly trade figures this week.

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