India’s Exports To Top 10 Trading Partners Rise 16.5% In Q1FY25, Outpacing Overall Growth

Amongst the top 10 exporting nations, Malaysia dominated with a growth in shipments by 81.8 per cent, followed by Netherlands at 41.3 per cent, and Singapore at 26.55 per cent

The data revealed that China remained the only exception amongst the exporting partners for India that reported a decline of 2.8 per cent in the shipments. (Image Source: Unsplash)

Source : Unsplash

India’s exports to the top 10 trading partners clocked a growth rate of 16.5 per cent during the April-June quarter in the current 2024-25 fiscal year (FY25). This growth pace surpassed the rise seen in the country’s overall merchandise exports which increased by 5.8 per cent during the first quarter of the current fiscal year, official data from the commerce department revealed.

Amongst the top 10 export partners, Malaysia dominated with a growth in shipments by 81.8 per cent, followed by Netherlands at 41.3 per cent, Singapore at 26.55 per cent, and the United Kingdom at 21.9 per cent. The UAE clocked a boost of 17.6 per cent, while exports with Bangaldesh surged ahead by 10.5 per cent. Other partnering nations that reported a climb in exports included the United States (10.4 per cent), Saudi Arabia (4.9 per cent), and Germany (3.4 per cent). 

The data revealed that China remained the only exception amongst the exporting partners for India that reported a decline of 2.8 per cent in the exports, reported Business Standard. Collectively, these 10 countries accounted for 52 per cent of the overall value of goods exported from India during the quarter ended June 30, 2024 in the current fiscal year.

In terms of export markets, the United States continued to remain in the lead, followed by the United Arab Emirates (UAE) and the Netherlands. Overall exports from the country clocked a positive growth in the first quarter of 2024-25 fiscal year. In the preceding 2023-24 fiscal year (FY24), India’s exports slipped 3 per cent.

In April, India’s outbound shipments rose by 2 per cent, followed by a strong rise of 13 per cent seen in May. However, in June, the growth momentum slowed down to 2.5 per cent as exporters struggled with dampened demand and obstacles regarding logistics. 

The data showed that amongst the country’s top 10 importing partners, only Singapore, Saudi Arabia, and Switzerland, reported a decline during the quarter under review, while the other nations witnessed a rise in the inbound shipments during the period.