India is a major exporter of goods and services, and Indian export data can be a valuable resource for businesses that are looking to expand their export-import business. Indian export data can be a valuable asset for businesses that are looking to expand their export-import business. By carefully analyzing Indian export data, businesses can gain valuable insights into the Indian export market and use this information to make informed decisions that will help them to achieve their export goals. Let’s discuss in detail:
Indian Export Data for 2022-23
According to Indian export data, the country's total exports are expected to reach new heights in FY 2022–23, expanding by 13.84 percent over FY 2021–22 to reach USD 770.18 billion in exports.
With 6.03% growth during FY 2022–23, merchandise exports reached their greatest annual export total ever of USD 447.46 billion, breaking the previous year's record export total of USD 422.00 billion.
Services exports are expected to expand at the fastest rate of all exports, with a predicted annual value of USD 322.72 billion and a growth rate of 26.79 percent over FY 2021–22.
How Indian Export Data can help to expand business
Here are some of the ways that Indian export data can be helpful:
Top 5 India's Export Commodities in 2023
Petroleum Products: Petroleum products are the most exported commodity from India, accounting for $6.49 billion in export value in 2023. This is due to the fact that India is a major producer of crude oil and natural gas. The top export destinations for petroleum products from India are the United States, the United Arab Emirates, China, and Singapore.
Drug Formulations and Biological Products: Drug formulations and biological products are the second most exported commodities from India, accounting for $1.79 billion in export value in 2023, as per Indian export data. This is due to the fact that India has a strong pharmaceutical industry that is capable of producing high-quality drugs at competitive prices. The top export destinations for drug formulations and biologics from India are the United States, the United Arab Emirates, and South Africa.
Stones: Pearl, precious, and semi-precious stones are the third most exported commodity from India, accounting for $1.69 billion in export value in 2023. This is due to the fact that India is a major producer of these stones. The top export destinations for pearl, precious stones, and semi-precious stones from India are the United States, China, and the United Arab Emirates.
Iron and Steel: Iron and steel is the fourth most exported commodity from India, accounting for $1.33 billion in export value in 2023, according to Indian export data. This is due to the fact that India has a large and growing steel industry. The top export destinations for iron and steel from India are the United States, the United Arab Emirates, China, and Japan.
Telecom Instruments: Telecom instruments are the fifth most exported commodity from India, accounting for $1.2 billion in export value in 2023. This is due to the fact that India is a major producer of telecom equipment. The top export destinations for telecom instruments from India are the United States, the United Arab Emirates, and China.
Conclusion
In conclusion, the top 5 India's export commodities in 2023 are petroleum products, drug formulations and biologicals, pearls, stones, iron and steel, and telecom instruments. These commodities accounted for a combined export value of $12.2 billion in 2023, based on Indian export data. The growth of India's export commodities is expected to continue in the coming years due to the government's focus on export promotion and the rising demand for Indian goods and services. By carefully analyzing export data, businesses can gain valuable insights into the Indian export market and use this information to make informed decisions that will help them achieve their export goals.