Netherlands Emerges as India’s 3rd Largest Export Destination in 2023-24The Netherlands became India’s third-largest export market in the fiscal year 2023–24, after the US and the UAE.
This was the case even though India’s total exports of goods fell by 3%, according to reports from the Commerce Ministry.
Key Export CommoditiesThere has been a lot of growth in India’s exports to the Netherlands.
In the end, India’s trade balance with the Netherlands grew from $13 billion the previous year to $17.4 billion the last fiscal year.
India and Netherlands Trade RelationIndia and the Netherlands have had diplomatic ties since 1947, which have grown into strong political, economic, and business agreements.
Netherlands Emerges as India’s 3rd Largest Export Destination in 2023-24
The Netherlands became India’s third-largest export market in the fiscal year 2023–24, after the US and the UAE. This was the case even though India’s total exports of goods fell by 3%, according to reports from the Commerce Ministry. This rise has been emphasized even though trade between the two countries is going down. In 2022–23, it went from $27.58 billion to $27.34 billion, a small drop.
Key Export Commodities
There has been a lot of growth in India’s exports to the Netherlands. The main areas of growth are petroleum products, electrical items, chemicals, and pharmaceuticals. Oil goods were the most important, with $14.29 billion worth of exports in the last fiscal year.
Expansion in Export Value and Trade Surplus
India’s trade with the Netherlands has been steadily growing, going from $880 million in 2000-01 to $22.36 billion in 2023-24—a 3.5% rise from $21.61 billion in 2022-23. In the end, India’s trade balance with the Netherlands grew from $13 billion the previous year to $17.4 billion the last fiscal year.
Strategic Significance of the Netherlands
Trade experts say that the Netherlands is an important hub for Europe because it has good road, train, and water connections to the rest of the EU and efficient port infrastructure. The Netherlands’ strategic location and better transportation links have made it a more important entry point for Indian goods into Europe.
India and Netherlands Trade Relation
India and the Netherlands have had diplomatic ties since 1947, which have grown into strong political, economic, and business agreements. As a result of India’s economic importance, ties between the two countries have grown stronger over the years. The Netherlands is a major investor in India, putting about $5 billion in foreign direct investment there last fiscal year, up from $2.6 billion in 2022–23.
Month: Current Affairs - June, 2024
Category: India Nation & States Current Affairs
