Netherlands Emerges As India's Third Largest Export Destination In 2023-24

ENA Sectors 2024-06-05 15:22:53 New Delhi, Jun 5 (KNN) In a significant development, the Netherlands has emerged as India's third largest export destination, after the United States and the United Arab Emirates, during the 2023-24 fiscal year. This milestone comes despite a marginal dip of over 3 per cent in India's overall merchandise exports, according to the latest data released by the Ministry of Commerce. The primary commodities that contributed to the robust export growth to the Netherlands include petroleum products, electrical goods, chemicals, and pharmaceuticals. This strong performance has enabled India to register a substantial trade surplus of USD 17.4 billion with the Netherlands in the last fiscal, a significant increase from the USD 13 billion surplus recorded in 2022-23. The Netherlands has surpassed major destinations such as the United Kingdom, Hong Kong, Bangladesh, and Germany, underscoring its growing importance as a trade partner. India's exports to the Netherlands rose by approximately 3.5 per cent to USD 22.36 billion in 2023-24, compared to USD 21.61 billion in the previous fiscal year. Notably, the exports to the European country have been consistently growing since 2000-01, when they stood at a modest USD 880 million. In 2021-22 and 2020-21, the outbound shipments to the Netherlands were valued at USD 12.55 billion and USD 6.5 billion, respectively, indicating a steady upward trajectory. Trade experts attribute the Netherlands' rise as a prominent export destination to its strategic position as a hub for Europe, facilitated by efficient ports and robust connectivity with the European Union through an extensive network of roads, railways, and waterways. In the 2023-24 fiscal year, the bilateral trade between the two countries marginally declined to USD 27.34 billion, compared to USD 27.58 billion in the previous year. Nevertheless, the Netherlands remains one of India's top trading partners in Europe, ranking after Germany, Switzerland, the United Kingdom, and Belgium. Furthermore, the Netherlands is a major investor in India, contributing approximately USD 5 billion in foreign direct investment during the last fiscal, a significant increase from the USD 2.6 billion invested in 2022-23. Over 200 Dutch companies, including prominent names such as Philips, Akzo Nobel, DSM, KLM, and Rabobank, have established operations in India. Reciprocally, more than 200 Indian companies, including major IT firms like TCS, HCL, Wipro, Infosys, Tech Mahindra, as well as Sun Pharmaceuticals and Tata Steel, have a presence in the Netherlands. (KNN Bureau) 38081 https://knnindia.co.in/news/newsdetails/sectors/netherlands-emerges-as-indias-third-largest-export-destination-in-2023-24 2024-06-05 15:22:53 knnindia.co.in Netherlands Emerges As India's Third Largest Export Destination In 2023-24