Exports to India’s key markets — the US, the United Arab Emirates, China, Singapore, Bangladesh and Germany — witnessed a sharp decline, resulting in a 12.69 per cent contraction in outbound shipments during the first month of the current financial year, commerce department data showed.
India’s biggest export market — the US — with 17 per cent share witnessed 17.16 per cent contraction at $5.9 billion in April. This was followed by the United Arab Emirates (UAE) that saw 22.09 per cent decline at $2.23 billion exports. These two countries exported goods worth $8.13 billion, indicating a share of over 23 per cent in April.
While these six countries out of India’s top ten export destinations saw contraction, shipments to Saudi Arab, the Netherlands, United Kingdom (UK) and Italy saw 8.38 per cent, 23 per cent, 20.69 per cent and 3.59 per cent, growth respectively. These 10 countries comprise 48 per cent o
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