India's FY24 goods exports to Europe highest in a decade

India’s merchandise trade with European countries was the highest in a decade in 2023-24, the commerce ministry data shows. The trade performance was the second highest in 10 years in the case of North American nations, it reveals. Together, these two regions account for close to 25% of India’s overall foreign trade in goods.

According to ministry analysis, India’s exports to Europe stood at $98.9 billion during 2023-24, a tad higher than $98.3 billion registered during the previous year and almost double that of $50.4 billion registered in 2015-16, the lowest value of exports during 2014-24. Imports at $93.7 billion were also the highest during 2023-24, higher than $91 billion registered in 2022-23 and $61.5 billion (the lowest in a decade) registered during 2016-17.

In the case of North America, the value of Indian goods exports was $86.7 billion in 2023-24, the second highest in a decade after $87.9 billion registered in 2022-23. The exports in 2015-16, worth $45.2 billion were the lowest in 10 years. Imports from North American countries were worth $48.4 billion, the third highest after $58.9 billion in 2022-23 and $50.7 in 2021-22.

Netherlands, UK, Germany, Italy and Belgium were the top five export destinations in Europe for India in 2023-24. In the case of North America, the U.S. and Mexico accounted for the bulk of India’s goods exports in the same year.

While petroleum products, telecom instruments, iron and steel, electric machinery and equipment and drug formulations and biologicals were the top five commodity categories exported to Europe in 2023-24, North America had peal, precious, semi-precious stones and gold and other precious metal jewellery also among the top five export commodities from India in addition to drug formulations and biologicals, telecom instruments and petroleum products the same year.

The commerce ministry has also analysed the pattern of India’s trade with African nations over the last 10 years and found that the value of India’s trade with Africa ($45.4 billion worth of exports and $38 billion imports) was the third highest in a decade in 2023-24. South Africa, Tanzania, Nigeria, Egypt and Togo were the top 5 export destinations for the country that year. Petroleum products, drug formulations and biologicals, non-basmati rice motor vehicles and sugar were the top 5 items in India’s export list to Africa that year.