This comes even as overall exports from India contracted during the period
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WTO said risks to the forecast include a sharper than expected slowdown in China and a resurgence of inflation in advanced economies
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During the first eight months of the financial year, five out of India’s top 10 export destinations — Saudi Arabia, China, the United Kingdom (UK), Australia and the Netherlands — witnessed growth, even as India’s overall exports saw 2.8 per cent contraction, data compiled by the commerce department showed.
These 10 countries account for over 49 per cent of India’s merchandise exports.
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Exports to the Netherlands, which is India’s third largest market, saw 9.6 per cent year-on-year (Y-o-Y) growth at $13.5 billion during April-November.
While disaggregated country-wise trade data was not available till November, the trend in the first seven months showed that the growth has been driven by exports of petroleum products as well as machinery.
India’s fourth largest export partner, China, saw nearly 4 per cent Y-o-Y growth at $10.3 billion, after demand from the neighbouring country contracted during April-July. The trend reversed August onwards.
In the case of the UK and Australia, the positive growth continued at 14.6 per cent, and 13.9 per cent, respectively. It was driven by demand for items such as petroleum products, apparel and food items machinery, among others.
Outbound shipments to Saudi Arabia grew 2.2 per cent at $7.1 billion during April-November.
On the other hand, exports fell to the remaining five countries. These are United States (-5.2 per cent), UAE (-0.1 per cent), Singapore (-1.87 per cent), Bangladesh (-14.1 per cent) and Germany (-6.3 per cent). It led to contraction in overall exports.
India’s merchandise exports growth reverted to negative territory in November after expanding at the fastest pace in 11 months in October. This indicates volatile global demand and uneven economic recovery.
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