India’s export sector has demonstrated remarkable resilience in the post-COVID-19 era, with significant growth witnessed in recent years. According to a report by the PHD Research Bureau, India experienced the highest growth of exports among the top 20 leading exporters in 2021 and 2022, reaching 20% and 9.7%, respectively.
The study highlighted the top 10 export commodities that showcased consistent high growth over the past five years (FY 2019-2023). These commodities included sugar and confectionery (43%), mineral fuel and oils (36%), electrical machinery and parts (27%), and aluminium and articles (18%), among others.
Moreover, the report revealed the top 10 fastest-growing export destinations during the same period, including Togo (73%), the Netherlands (36%), Brazil (28%), and Israel (27%). These countries have emerged as major growth destinations for India’s exports despite the global economic slowdown.
Sanjeev Agrawal, President of the PHD Chamber of Commerce and Industry, emphasized the role of a dynamic policy environment and exporters’ efforts in connecting with global value chains in enhancing export volumes. Agrawal further noted that India’s exports had significantly accelerated in the past decade, reaching USD 770 billion in FY 2023 from USD 375 billion in FY 2011.
Dr. Ranjeet Mehta, Executive Director of the PHD Chamber of Commerce and Industry, expressed optimism about the report’s findings, underlining the potential for further export growth to new heights. Dr. SP Sharma, Chief Economist at the PHD Chamber of Commerce and Industry, highlighted the importance of 75 identified products that accounted for around 50% of India’s total exports in FY 2023, projecting their potential to drive India’s export growth.
Notably, the report highlighted the commendable growth of India’s services sector, which witnessed a 24% average growth over the last two years. Dr Sharma emphasized that the price competitiveness and resilience of India’s services would contribute significantly to achieving the ambitious target of USD 2 trillion in exports by 2030.
With a solid foundation in place, the future of India’s exports seems promising, fueled by a diverse range of growing export commodities and emerging markets. The government’s supportive policies and exporters’ efforts to seize global opportunities are expected to further propel India’s export growth in the coming years.
