(MENAFN- KNN India) New Delhi, May 10 (KNN) India's merchandise exports expanded to as many as 115 countries out of 238 total destinations during the 2023-24 fiscal year, highlighting the country's resilience amid global economic uncertainties, according to the latest data from the Ministry of Commerce.
The 115 export markets, accounting for 46.5 per cent of India's total export basket, include major economies such as the United States, United Arab Emirates, Netherlands, China, United Kingdom, Saudi Arabia, Singapore, Bangladesh, Germany, and Italy.
While the country's merchandise exports dipped by 3 per cent to USD 437.1 billion in the last fiscal year, services exports rose to USD 341.1 billion in 2023-24, up from USD 325.3 billion in the previous year.
The data revealed that despite persistent global challenges, India's overall exports of goods and services combined reached an all-time high of USD 778.2 billion in 2023-24, marginally higher than USD 776.4 billion in 2022-23, registering a 0.23 per cent growth.
Notably, India's share of global merchandise exports has also increased marginally from 1.70 per cent in 2014 to 1.82 per cent in 2023, with the country's ranking among world merchandise exporters improving from 19th to 17th during the same period.
Furthermore, India's exports to its top 10 destinations witnessed a 13 per cent year-on-year increase in 2023-24.
The United Arab Emirates emerged as the primary destination, with exports valued at USD 35.6 billion, reflecting a substantial 12.71 per cent growth.
Exports to Singapore surged by 20.19 per cent to USD 14.4 billion, while shipments to the United Kingdom and China grew by 13.30 per cent to USD 13 billion and 8.70 per cent to USD 16.7 billion, respectively.
The robust export performance across multiple markets underscores India's competitiveness and the resilience of its exporters in navigating the global economic uncertainties.
(KNN Bureau)
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