United States Represents 18 Percent of Indian Exports in FY24

New Delhi, Dec 15 (NationPress) The United States represented 18 percent of India's overall exports in the financial year (FY) 24, as exports to the world's largest economy showed consistent growth, as reported. Bank of Baroda's findings indicate that India's exports to the US are on a steady rise, reaching a value of $77.5 billion in FY24. Furthermore, exports to the US have experienced a compound annual growth rate (CAGR) of 10.3 percent over the past three decades.

The report highlights that the growth rate of exports to the US surpassed the growth rate of total exports until FY2000; however, it decelerated following the financial crisis of 2008 until FY10. Since then, the growth rate of exports to the US has consistently outperformed the growth rate of overall exports, confirming the US as a crucial market for India.

In FY24, the share of the US in India's total exports was 18 percent, compared to 16.4 percent in FY92, although it remains below the peak of 22.8 percent recorded in FY00.

The report further recommends that India should minimize its reliance on a single country for exports and concentrate on export diversification.

The US continues to be a significant market for several key Indian industries. The primary five products exported to the US in FY24 included drugs and pharmaceuticals, pearls and precious stones, petrochemical products, telecom equipment, and readymade garments, which collectively accounted for 40 percent of the country's total exports.

Other notable exports encompassed yarn, marine products, and electronic goods, with the latter facing competition from other Asian nations.

From 2000 to 2022, India's goods exports surged from $48.5 billion to $467.5 billion, while industrial exports rose from $39.6 billion to $317.4 billion. The government aspires to achieve $2 trillion in goods and services exports by 2030.