Exports to UK holding up among top 10 countries

Merchandise exports fell 14.5% to $136.2 billion during April-July period

- SHREYA NANDI & ASIT RANJAN MISHRA

Among India’s top 10 export destinations, India’s merchandise exports in the first four months (April-July) of 2023-24 expanded only to the United Kingdom (UK) while shipments to all other major economies contracted amid sluggish global demand.

Overall merchandise exports fell 14.5 per cent to $136.2 billion during the April-July period with outbound shipments contracting for the sixth consecutive month. However, exports to the UK grew at a robust 20.6 per cent to $4.5 billion during the same period, elevating the country to India’s fifth largest export destination from eighth position during the same period in FY23. While disaggregated country-wise trade data for July is not available, data for April-June period shows exports of aviation turbine fuel ($324 million), smartphones ($292.5 million) and wallpapers ($147.2 million) drove India’s exports to the UK.