India has a long history of trading, and it is well-known for its numerous export products. As businesses prepare to broaden their horizons and pursue new opportunities in the realm of trade, it is critical to understand the complexities of India's export landscape. Knowing updated and accurate export import data is critical for organizations seeking to expand into overseas markets.
In this blog, we will look at India top exports in 2023-24, as well as the key industries fueling India's export development. So, let's begin on a quest to identify the India top exporting products in India and their destinations in this complete guide!
Let’s explore the overall India export data for 2023-24!
On a global scale, the World Bank's 2023 predictions show a severe economic downturn, which will have an impact on global trade. This slowdown is primarily due to continuous efforts to control excessive inflation with monetary policy tightening.
Within this global context, India's overall exports, comprising both merchandise and services, are expected to decline by -2.97% from April to September 2023 compared to the same period in 2022. Similarly, as per Indian export data, the overall imports are predicted to fall by -10.14% from April to September 2023.
Now, let’s take a look at the overall trade of India top exports in 2023
India top exports in 2023 were valued at USD 62.26 billion, up 9.43 percent from USD 56.90 billion in October 2022. However, merchandise exports in October 2023 increased by 6.21 percent to USD 33.57 billion from USD 31.60 billion in October 2022.
As of January 2024, India top exports in 2023 (including merchandise and services) for fiscal years 2023–24 were anticipated to be USD 638.37 billion. It is a 0.19% decline in growth from the same time in 2022–23.
Merchandise exports alone total USD 330.17 billion for April–January 2023–24, representing a 4.54% decrease from the same period last year.
In January 2023, merchandise exports totaled USD 32.91 billion, compared to USD 35.23 billion in January 2022.
In January 2023, merchandise imports totaled USD 50.66 billion, compared to USD 52.57 billion in January 2022.
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According to import-export data, India top exports in 2023, providing a range of products and services that contribute to export growth. However, India top export countries in 2023–24 are:
United States:
In 2023, the United States remained India top export countries list, with strong demand for electronics, textiles, and pharmaceuticals.
India's largest trading partner, accounting for over 10% of its exports.
India top exports include gems & jewelry, pharmaceuticals, and machinery.
United Arab Emirates (UAE):
A major re-export hub, India sells petroleum products, textiles, and chemicals to the UAE.
Contributes significantly to India's strategic trade partnerships in the Middle East.
The UAE consistently purchased India's textile and pharmaceutical exports.
Netherlands:
An important European market for Indian products, including pharmaceuticals, chemicals, and automobiles.
Serves as a conduit for future exports to other European countries.
China:
China remained a leading India top export countries list in 2023, with a diverse range of products such as electronics, textiles, and pharmaceuticals in high demand.
As a growing commercial partner, India top exports include organic chemicals, medicines, and electronic components to China.
Because of its intricate dynamics, the partnership brings opportunities as well as obstacles.
Bangladesh:
A neighboring country with significant trading relations, India exports textiles, garments, and agricultural products to Bangladesh.
It is an important market for Indian exports in South Asia and among India top export destinations.
India's top exports in 2023 include textiles, ready-made clothes, and leather goods, which were the most popular exports to Bangladesh.
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Here’s a detailed table:
|
Rank |
India top export destinations |
Estimated Export Value (USD Billion) |
India top exports in 2023 |
|
1 |
United States |
23.88 |
Largest trading partner, key exports: gems & jewelry, pharmaceuticals, machinery |
|
2 |
United Arab Emirates (UAE) |
14.82 |
Major hub for re-exports, India top exports in 2023: petroleum products, textiles, chemicals |
|
3 |
Netherlands |
12.58 |
Significant European market, key exports: pharmaceuticals, chemicals, vehicles |
|
4 |
China |
11.2 |
Growing trade partner, India top exports in 2023: organic chemicals, pharmaceuticals, electronic components |
|
5 |
Bangladesh |
10.33 |
Neighboring country with strong ties, India top exporting products: textiles, apparel, agricultural products |
|
6 |
Singapore |
8.22 |
Financial and trading hub, India top exports in 2023: petroleum products, chemicals, machinery |
|
7 |
Hong Kong |
7.71 |
Trade gateway for China, India top exporting products: minerals, gems & jewelry, pharmaceuticals |
|
8 |
Germany |
6.22 |
Major European market, India top exports in 2023: vehicles, chemicals, electrical machinery |
|
9 |
Malaysia |
5.8 |
Trading partner in Southeast Asia, India top exports in 2023: petroleum products, chemicals, plastics |
|
10 |
United Kingdom |
5.3 |
Traditional trade partner, India top exporting products: textiles, apparel, gems & jewelry |
As we know, the fiscal year 2023–24 saw a spectacular boom in India's export sector, which contributed significantly to the country's economic growth. India top exporting products such as petroleum products and cotton yarns.
Now, Explore India top exports in 2023 in detail:
|
Petroleum products continue to dominate India's export market, making major contributions to the country's economy. In 2023–24, India exported a large amount of petroleum products, including refined petroleum, petroleum gas, and other associated items.
India is well-known for its gem and jewellery sector, which is distinguished by excellent artistry and quality. Gems and jewelry continued to be one of India's top export products in 2023–24, catering to markets around the world. To suit international market demands, the country offers a diverse range of beautifully crafted products such as diamonds, jewels, and gold.
India is a significant player in the global pharmaceutical sector, producing high-quality generic drugs. Its reasonable pricing and adherence to international quality standards have boosted export demand for Indian pharmaceuticals. In 2023-24, pharmaceuticals continued to be a top export product for India, contributing to the healthcare sector globally.
India's chemical industry has expanded dramatically, and organic chemicals represent a significant component of its export portfolio. These chemicals find use in a variety of industries, including pharmaceuticals, polymers, and agriculture, making them critical to worldwide supply networks. In 2023-24, India exported a substantial volume of organic chemicals, maintaining its position as a key player in the global market.
India's automobile industry is a significant contributor to the country's economy, with vehicles and parts being key exports. In 2023-24, India shipped a considerable number of vehicles and automotive parts to markets around the world.
Also Read: Look into India Top 10 Exports 2024
There are various ways to discover accurate customers for your export products, including using the Eximpedia.app platform to get real-time export import data. We give accurate and genuine Indian import and export statistics, as well as global trade data and HSN codes. It is simple to export from any place in the world, particularly India.
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Conclusion
In conclusion, understanding India top exports in 2023 and India top export countries is essential for businesses looking to venture into global trade. By tapping into these key markets and products, exporters can capitalize on the opportunities available and contribute to India's growth story in the global trade market.
Do you have any specific questions regarding how to export products from India or Import Data from India and the India import and export Data? In that case, our devoted experts have years of experience in data analytics. Book a free live demo today!
Frequently Ask Question (FAQ’s)
According to India import data, the United States was India's largest export destination, accounting for about 18% in fiscal year 2022.
India is a large exporter of petroleum products, such as refined petroleum, naphtha, and liquefied petroleum gas. Indeed, petroleum products are India's largest export, accounting for more than 14% of the country's total export value, according to Indian export import data.
According to India export import data, these are India’s top 10 export destinations:
1. United States:
2. United Arab Emirates:
3. Netherlands:
4. China:
5. Bangladesh:
6. Singapore:
7. Brazil:
8. United Kingdom:
9. Saudi Arabia:
10. Indonesia:
Despite global economic uncertainty, India's goods and services exports increased marginally by 0.4% to USD 765.6 billion in 2023. According to India exporter data, electronics, pharmaceuticals, cotton yarn, textiles, ceramics, meat, dairy, poultry, fruits, vegetables, and information technology were all significant contributors.
China tops the list of the world's major exporters. Interestingly, four of the top ten exporting countries are from Asia, five from Europe, and one from North America.
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