India's Export Market: UK Overtakes China as Fourth-Largest Export Destination in May 2024
| Aspect | Details |
|---|---|
| UK's Position in Exports | UK overtook China to become India's fourth-largest export market in May 2024. |
| Export Growth to UK | Exports to the UK grew by 33% to $1.37 billion in May 2024 (compared to May 2023). |
| Export Growth to China | Exports to China grew by 3% to $1.33 billion in May 2024. |
| UK's Previous Ranking | The UK was India's sixth-largest export destination in May 2023. |
| Key Export Items to UK | Machinery, food items, pharmaceuticals, textiles, jewellery, iron, steel, etc. |
| Top 10 Export Markets | India's top 10 export markets account for 52% of total goods exported in May 2024. |
| Overall Export Growth | India's merchandise exports grew 9.13% in May 2024 to $38 billion. |
| Export to Netherlands | Exports to the Netherlands grew 44% to $2.19 billion (India's third-largest export market). |
| Export to Other Countries | Positive growth in exports to Saudi Arabia (8.46%), Singapore (4.64%), Bangladesh (13.47%), Germany (6.74%), France (36.94%). |
| Export to US and UAE | US remained India's largest export destination with 13% growth, followed by UAE with 19% growth. |
| Imports Overview | India's merchandise imports rose by 7.7% to $61.91 billion in May 2024. |
| Top 10 Import Markets | Imports from Saudi Arabia and Switzerland contracted by 4.11% and 32.33%, respectively. |
| Imports from Russia | Imports from Russia grew 18% to $7.1 billion (mainly crude oil). |
| Imports from China | Imports from China grew 2.81% to $8.48 billion. |
| Imports from Switzerland | Imports from Switzerland (mainly gold) contracted by nearly 33% to $1.52 billion. |