India's Export Growth Aligns with PHD Chamber Projections

Significant pickup in India’s exports is in line with the projections made by PHD Chamber of Commerce and Industry in its report on ‘Growth Dynamics of India’s Exports’ released in the month of June 2023, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry in a press statement issued here today.

The industry body projected that India’s exports will pick up by October 2023 on the back of gradual revival of demand conditions in some economies and a favorable base effect.

Togo, the Netherlands, Brazil, Israel, Indonesia, Turkey, Australia, South Africa, Saudi Arabia, and Belgium are some of the new, high-growth destinations that could propel India's export development to unprecedented levels, said Mr. Agrawal.

Over the last five years (average from FY 2019 to FY 2023), the exports have been increasing consistently; Togo (73%), the Netherlands (36%), Brazil (28%), Israel (27%), Indonesia (24%), Turkey (22%), Australia (20%), South Africa (19%), Saudi Arabia (16%), and Belgium (13%).

During the last five years (average from FY 2019 to FY 2023), commodities including sugar and confectionary (43%), mineral fuel (36%), electrical machinery (27%), aluminum articles (18%), inorganic chemicals, precious metals (16%), chemical products (16%), cereals (14%), iron and steel (12%), ships, boats, and floating structures (11%), rubber articles (11%), and optic and medical apparatus (10%) have demonstrated a steady and rapid growth. These high growth-high volume export commodities have significant potential to enhance India’s exports growth to new highs, said Mr. Agrawal.

The dynamic policy environment provided by the government along with efforts of the exporters to connect with global value chains is enhancing the export volumes. Going forward, more ease of doing exports will be crucial to achieve the target of USD 2 trillion by 2030, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.