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Trade Trends News
17-06-2024
The UK has overtaken China as India's fourth largest export market in May. Last year, the UK was India's sixth largest export destination in May.
U.S. exports to the U.K. grew by one-third to $1.37 billion in May, while U.S. exports to China also grew by 3 percent to $1.33 billion last month. Trends over the past few months show that exports to the UK consisted mainly of machinery, food products, pharmaceutical products, textiles, jewelry, and steel.
India's top 10 major export markets all registered positive growth in May, reversing a year-long trend of shrinking exports to some countries.
These 10 countries accounted for 52% of India's total exports of goods in May. India's merchandise exports grew by 9.13 percent to $38 billion in May.
The volume of goods exported has been growing sluggishly for several months in a row amidst volatile global demand and uneven economic recovery.
The United States of America continued to be India's largest export destination, with exports growing by 13 per cent, followed by the United Arab Emirates with a 19 per cent increase.
India's exports to the Netherlands soared to $2.19 billion in May, up nearly 44 percent. The Netherlands is also India's third largest export market.
Other countries showing positive growth include Saudi Arabia (8.46%), Singapore (4.64%), Bangladesh (13.47%), Germany (6.74%) and France (36.94%).
Imports
Among India's top 10 import markets, imports from Saudi Arabia and Switzerland declined by 4.11% and 32.33%, respectively, in May, customs data showed.
Merchandise imports from the remaining eight countries grew in May, in line with overall merchandise imports, which rose by 7.7% to $61.91 billion.
India's imports from Russia rose by 18% to $7.1 billion, mainly due to India's dependence on crude oil. Russia remained India's second largest import destination after China. China's imports grew by 2.81% to USD 8.48 billion. Imports from Switzerland, mainly driven by gold imports, decreased by almost a third to $1.52 billion.
Countries that recorded growth in imports were USA (0.4%), UAE (18%), Iraq (58.68%), Indonesia (-23.36%), South Korea (13%) and Singapore (8.78%). These 10 countries accounted for over 61% of India's total merchandise imports.
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