- India's exports witnessed a mixed bag in 2023. While the first half saw impressive growth, the second half experienced a slowdown due to global economic headwinds.
- For the entire fiscal year 2023 (April 2023 - March 2024), India is expected to achieve its target of $450 billion in exports.
- However, the monthly data for November 2023 showed a 2.6% year-on-year decline in merchandise exports, totaling $34.47 billion.
Top Export Goods:
- India's export basket is quite diverse, with several key sectors contributing significantly.
- Some of the top export items include:
- Refined Petroleum: This sector alone accounts for around $49 billion in exports, making it the leading contributor.
- Gems and Jewelry: India is a renowned hub for diamonds and other precious stones, with exports exceeding $26 billion.
- Packaged Medicaments: The pharmaceutical industry is another major contributor, with exports of packaged medicines reaching around $19 billion.
- Other important exports include: vehicles, parts, and accessories, nuclear reactors, boilers, machinery, and mechanical appliances, organic chemicals, and rice.
Top Export Destinations:
- The United States remains the primary destination for Indian exports, accounting for over $71 billion.
- Other major export destinations include:
- United Arab Emirates
- China
- Bangladesh
- Hong Kong
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