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Tuesday, July 16, 2024

India’s export resilience dramatically grew in the years after the Covid pandemic: PHD Chamber

<p>India’s export resilience has improved dramatically in the years after COVID-19. According to a study, among the top 20 largest exporters, the increase in exports in 2021 and 2022 was the greatest at 20% and 9.7%, respectively.<img decoding=”async” class=”alignnone wp-image-286895″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-indias-export-resilience-dramatically-grew-in-the-years-after-the-covid-pandemic-p.jpg” alt=”theindiaprint.com indias export resilience dramatically grew in the years after the covid pandemic p” width=”1026″ height=”683″ title=”India's export resilience dramatically grew in the years after the Covid pandemic: PHD Chamber 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-indias-export-resilience-dramatically-grew-in-the-years-after-the-covid-pandemic-p.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-indias-export-resilience-dramatically-grew-in-the-years-after-the-covid-pandemic-p-150×100.jpg 150w” sizes=”(max-width: 1026px) 100vw, 1026px” /></p>
<p>Over the last five years (FY 2019–2023), the top ten fastest-growing export commodities have demonstrated a consistently strong growth. These include, among others, sugar and confectionary (43%), mineral fuel and oils (36%), electrical machinery and parts (27%), aluminum and articles (18%), inorganic chemicals, precious and rare-earth metals (16%), miscellaneous chemical products (16%), cereals (14%), iron and steel (12%), and others.</p>
<p>The PHD study Bureau of the PHD Chamber of Commerce and Industry (PHDCCI) has produced a study paper titled “India’s Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030.”</p>
<p>According to the report, the top 10 fastest-growing export destinations have all consistently increased over the last five years (average from FY 2019 to FY 2023). These countries include Togo (73%), the Netherlands (36%), Brazil (28%), Israel (27%), Indonesia (24%), Turkey (22%), Australia (20%), South Africa (19%), Saudi Arabia (16%), and Belgium (13%).</p>
<p>Despite the global economic recession, exports to these nations have increased rapidly. Although the quantities need to increase more dramatically in the near future, these nations are emerging as important growth destinations for India’s exports, according to Sanjeev Agrawal, President of the PHD Chamber of Commerce and Industry (PHDCCI).</p>
<p>According to the president of PHDCCI, export volumes have increased as a result of the government’s dynamic policy environment and exporters’ attempts to integrate into global value chains.</p>
<p>According to Agrawal, exports have increased dramatically over the last ten years, going from USD 375 billion in FY 2011 to USD 770 billion in FY 2023.</p>
<p>According to Dr. Ranjeet Mehta, Executive Director of the PHD Chamber of Commerce and Industry, the report’s high growth export commodities—such as sugar and confectionery, mineral fuel and oils, aluminum and articles, inorganic chemicals, ships, boats, and floating structures, rubber and articles, and optical, photographic, and medical apparatus—as well as emerging high growth destinations—like Togo, Netherlands, Brazil, Israel, Indonesia, Turkey, Australia, South Africa, Saudi Arabia, and Belgium—will propel India’s export growth to all-time highs.</p>
<p>Dr. SP Sharma, Chief Economist, PHD Chamber of Commerce and Industry, provided additional details about the report. He stated that the industry body had identified 75 products based on a six-digit Harmonized system (HS code). These 75 commodities make up roughly half of India’s total exports for the FY 2023, indicating that these commodities have a great potential to increase India’s exports.</p>
<p>According to Dr. Sharma, the growth rate of these 75 items was 11% in 2022–2023 whereas the growth rate of India’s overall merchandise exports was 6% during the same period.</p>
<p>“It is noteworthy that services have grown at an average rate of 24% over the last two years, given our services’ strong resilience and competitive pricing in international markets. In order to reach the lofty goals of USD 2 trillion in exports by 2030, the expansion of services exports will also be a significant economic driver, he said.</p>
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