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

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.