UK overtakes China to become Indias fourth largest export partner in May

The UK (UK) has overtaken China to turn out to be India’s fourth-largest export market in Might, commerce division knowledge confirmed. The UK was India’s sixth-largest export vacation spot in Might final yr.

Whereas exports to the UK grew by a 3rd to $1.37 billion in Might, the shipments to China noticed 3 per cent development at $1.33 billion final month.
 

The disaggregated knowledge for Might wasn’t instantly accessible, however developments over the previous few months confirmed that exports to the UK have been dominated by gadgets similar to equipment, meals gadgets, pharmaceutical merchandise, textiles, jewelry, iron, and metal, amongst different gadgets.
 

Commerce division knowledge confirmed that India’s prime 10 key export markets witnessed constructive development in Might, reversing the development when exports to a few of these international locations contracted for greater than a yr.
 

These 10 international locations comprise 52 per cent of the nation’s complete worth of products exported in Might. India’s merchandise exports grew 9.13 per cent in Might to $38 billion.

 

This got here in after a number of months of tepid development in outbound shipments, amid unstable international demand and uneven financial restoration.
 

America (US) continued to stay India’s largest export vacation spot, with 13 per cent development, adopted by the United Arab Emirates (UAE), which noticed 19 per cent leap.
 

Export to the Netherlands, which can also be India’s third-largest export market, soared to $2.19 billion with almost 44 per cent development in Might.
 

Different international locations that confirmed constructive development embrace Saudi Arabia (8.46 per cent), Singapore (4.64 per cent), Bangladesh (13.47 per cent), Germany (6.74 per cent), France (36.94 per cent).

Imports
 

Out of India’s prime 10 import markets, inbound shipments from solely Saudi Arabia and Switzerland in Might contracted 4.11 per cent and 32.33 per cent, respectively, the info confirmed.
 

The remaining eight witnessed development in Might, in step with the general merchandise imports that rose 7.7 per cent to $61.91 billion.
 

Imports from Russia grew 18 per cent to $7.1 billion, primarily as a consequence of India’s dependency on crude oil. The nation continued to stay India’s second-largest import vacation spot, after China. Within the case of China, the rise was 2.81 per cent at $8.48 billion. Imports from Switzerland, which is especially pushed by gold imports, contracted by almost a 3rd to $1.52 billion.
 

Development in inbound shipments have been seen within the case of the US (0.4 per cent), the UAE (18 per cent), Iraq (58.68 per cent), Indonesia (-23.36 per cent), South Korea (13 per cent), and Singapore (8.78 per cent). These 10 international locations account for over 61 per cent of India’s merchandise imports.

First Printed: Jun 16 2024 | 11:50 PM IST