Netherlands and Brazil have jumped ahead from their previous positions on India’s list of export destinations in the ongoing fiscal, a TOI report showed.
Citing commerce department data, the report highlights that the Netherlands is now India’s third-largest export destination. Brazil, India’s 20th biggest export destination between April and October 2021, is currently in the eighth position. US & UAE remain on top.
Exports to Tanzania have grown three times to $2.4 billion in the ongoing fiscal so far. Over 80% in exports from India are on account of more petrol and diesel shopped to the African nation.
While India’s total exports have risen 12.5% to over $263 billion, oil product exports have soared around 70%.
While several countries have reduced their dependence on Russia-refined oil products, India, which has seen a sharp spike in crude imported from Russia, is seen to be processing it and exporting to many countries, especially in Europe.
India’s exports saw a marginal growth of 0.6 per cent to USD 32 billion in November, according to the data released by the government. Exports of the country stood at $31.8 billion in November last year.
Imports rose 5. 4 per cent to USD 55. 9 billion in November as compared to $53 billion in the corresponding month a year ago, the data showed. Trade deficit widened to $23. 9 billion during November month.
India’s overall export, which included both merchandise and services, stood at USD 58.22 billion in November, which showed a 10 per cent growth over the same period last year.
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