Netherlands becomes India's 3rd largest export destination in FY23

BNE News Desk

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New Delhi: With significant growth in outbound shipments from April to December 2022, the Netherlands has surpassed the UK, Hong Kong, Bangladesh and Germany to become one of India's top three export markets, according to official data released by the Commerce Ministry. The United States and the UAE remain India's top two export markets.

The increase in exports to the Netherlands can be attributed to the efforts made over the past two decades to strengthen the economic partnership between the two countries. In 2000-01, India's exports to the Netherlands were worth around $880 million, but by 2022, they had grown to $18.1 billion.

This growth in trade ties has also resulted in a significant trade surplus for India with the Netherlands. The trade surplus increased from $1.5 billion in 2017 to $12.3 billion in 2022.

Despite its smaller size compared to India's northern state of Punjab, the Netherlands has emerged as a key export destination for India, showcasing the growing economic relationship between the two countries.

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BNE News Desk