Netherlands becomes India’s 3rd Largest Export Destination in FY23 after US, UAE

Netherlands becomes India’s 3rd Largest Export Destination in FY23 after US, UAE

Daily Current Affairs   /   Netherlands becomes India’s 3rd Largest Export Destination in FY23 after US, UAE

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Category : Business and economics Published on: May 17 2023

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  • As per the data of the Ministry of Commerce and Industry, the Netherlands emerged as the 3rd largest export destination for India in Financial Year 2023-23 (FY23) after the United States (US) and United Arab Emirates (UAE).
  • India’s trade surplus with the Netherlands has increased from USD 8 billion in FY22 to USD 13 billion in FY23.
  • India’s exports to the Netherlands increased by about 48% to USD 18.52 billion in FY23 as against USD 12.5 billion in FY22.
  • India’s exports to the Netherlands increased to USD 18.1 billion in 2022 from USD 5.5 billion in 2017.
  • The Netherlands has taken over major destinations such as the UK, Hong Kong, Bangladesh and Germany.
  • The outbound shipments to the European country in FY22 and FY21 stood at USD 12.55 billion and USD 6.5 billion, respectively.
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