India’s exports register wholesome progress to European, Latin American nations in 2023

Indian exporters made additional inroads in European and Latin American nations in 2023, registering wholesome progress in international locations corresponding to Romania, Montenegro, Austria, and Guatemala, an official mentioned on Friday. India’s merchandise export rose 2.1 per cent to the European Union (EU) in 2023 regardless of headwinds being confronted by giant developed markets just like the EU and the UK resulting from excessive value of dwelling, weak exterior demand, and financial tightening, the commerce ministry official mentioned.

“India’s export commerce growth has been spectacular despite world challenges in 2023,” the official mentioned.

India’s merchandise exports have recorded wholesome progress in European nations like Romania, Czech Republic, Montenegro, Finland, the Netherlands, Portugal, Luxemburg, Iceland, Eire, and Austria.

“The expansion factors in direction of India’s commerce resilience and progress regardless of prevailing uncertainties and deceleration of the economies in Europe,” the official added.

Equally, in Latin American international locations, India’s exports registered excessive progress in 2023 in Cuba, Uruguay, Paraguay, Guyana, Peru, Mexico, and Guatemala.

“With continued social unrest, oil manufacturing cuts and tight coverage settings, the expansion of Center-Jap international locations has weakened. Nevertheless, India’s merchandise export progress to main Center-Jap international locations stays optimistic,” the official mentioned. The elevated merchandise exports to Iraq, Saudi Arabia, and the UAE in 2023 underscores India’s potential to navigate opposed financial circumstances and capitalise on export alternatives.

Financial think-tank International Commerce Analysis Initiative (GTRI) have said that India’s exports and imports have dipped 2.6 per cent to USD 1,609 billion in 2023 in comparison with USD 1,651.9 billion in 2022.