Stenn Report: Key Trends Shaping India's Export Market in 2024

In 2024, Indian exporters must stay ahead of the curve by adapting to trends that will shape the future of international trade in the region. A report titled - ‘Market Report: 2024 Exporter Trends’ released by Stenn, the largest and fastest-growing online platform for financing small and medium-size businesses engaged in international trade, encapsulates seven critical trends that Indian business owners need to leverage to thrive and grow. These trends include capitalizing on India’s flourishing and rapidly diversifying export market, with exports on track to hit $2 trillion by 2030.

According to the report, Trends indicate that quality has overtaken cost as the most important consideration for importers, offering a unique competitive edge. Additionally, simple supply chains are proving to offer better profit margins, and India's reputation as a climate innovator continues to grow, enhancing its global standing. The world’s China Plus One strategy is stimulating international expansion, while e-commerce boosts supplier resilience. However, liquidity remains the biggest growth blocker for SMEs, necessitating the exploration of alternative financing solutions. 

Exporters' Liquidity Challenge

“Indian exporters stand at the brink of a remarkable opportunity. However, liquidity will remain one of the most significant challenges for suppliers. Exporters who address this issue effectively will gain a crucial advantage, enabling them to negotiate from a position of strength and compete with larger, more established domestic and international companies. By embracing the key trends like China Plus One strategy, policy boost and PLIs, businesses can not only enhance their competitive edge but also secure sustainable growth in the global market,” said Annie Yadav, Director- Sales, India  for Stenn Technologies. 

She also said, "The Indian export sector is poised for significant growth driven by advancements in digital trade platforms, a surge in demand for sustainable products, and increasing opportunities in emerging markets. Businesses that leverage innovative financing solutions and embrace digital transformation will be well-positioned to thrive in this dynamic landscape. At Stenn, we are dedicated to facilitating smoother transactions and driving growth for businesses worldwide. Also, Stenn understands the market in India business and hence it extends flexibility in real sense by catering to first buyers and never asks for any collateral". 

Amidst these market dynamics, liquidity remains a significant challenge for exporters, particularly SMEs and MSMEs. Access to financing solutions is crucial for businesses seeking to capitalize on international trade opportunities and navigate cash flow constraints effectively.

The report captures data from various primary and secondary sources that indicate that,  Between 1950 and 1951, India exported just $1.27 billion worth of goods and services. Fast forward to the 2023-2024 financial year, and the country’s exports are expected to reach $900 billion, as reported by Reuters. India’s trajectory in global trade has been nothing short of phenomenal. In 2024, the country is poised to continue its journey to become one of the top three economic powers in the world by 2028, according to the World Economic Forum. 

As per the Ministry of Commerce and Industry, India's overall exports (Merchandise and Services combined) by November 2023 is estimated to be USD 62.58 Billion. And now, India's ambitious Foreign Trade Policy aims to propel the country's exports to $2 trillion by 2030, according to bloomberg. Leveraging initiatives such as Make in India and strategic partnerships, India is positioning itself as a preferred destination for global investors and exporters. India’s export market is increasingly placing itself at the forefront of the global e-commerce wave. The nation’s e-commerce sector is expected to grow from $83 billion in 2022 to a projected $150 billion in 2026, according to FIS 2023 Global Payments Report, 

The world's China Plus One strategy continues to gain traction, driven by efforts to diversify supply chains and enhance resilience. Tensions between major economies, including the U.S., China, and the European Union, have accelerated the adoption of alternative sourcing destinations. India, with its strategic advantages and burgeoning manufacturing sector, presents lucrative opportunities for international businesses seeking to mitigate risks associated with overreliance on China.

In this context, Stenn emerges as a key enabler of global trade growth, offering innovative financing solutions tailored to the needs of exporters. With a track record of powering over $19 billion in financed assets since 2016, Stenn provides flexible and reliable trade finance options that empower businesses to seize opportunities and accelerate growth. By leveraging Stenn's online trade finance platform, exporters gain access to quick and efficient cash flow solutions, enabling them to navigate the complexities of international trade with confidence. Backed by trusted partners including CitiBank, Goldman Sachs, HSBC, and Natixis, Stenn offers unparalleled support to businesses operating in 74 countries worldwide.

According to Stenn case studies, for the financial year 2023-24, the exporter market of Solar Panels in India has seen $1.3 Billion (USD) growth. In March 2024, Indian textile and garment exports collectively grew to US $3.44 billion, up 6.91 percent over $3.22 billion in the same month of 2023. Fish & Seafood at Peru has over $717,958 (USD), Wire & Cable in USA has increased to $2,172,423 (USD), Game Developer in Netherlands has a total of $1,909,637 (USD), Electronics, has $947,519 (USD). Seafood in Ecuador has seen over $2,391,126 (USD) of exporter growth. And Stenn has served for all the clients in all those countries in the respective sectors.