UK has become India's fourth-largest export market in May, surpassing China

According to data from the commerce department, India's fourth-largest export market in May is now the United Kingdom (UK), surpassing China. India exported a considerable amount of goods to the UK in May of the previous year, ranking it as the sixth largest destination for Indian exports.

In May, exports to the UK increased by 33% to $1.37 billion, while shipments to China saw a 3% growth at $1.33 billion.

Disaggregated data for May was not yet accessible, however, recent trends indicated that exports to the UK were mainly comprised of machinery, food, pharmaceuticals, textiles, jewelry, iron, steel, and other goods.

The latest information from the Commerce Department revealed that India's top 10 primary export markets experienced growth in May, in contrast to previous months when exports to some of these countries had been declining for over a year.

In May, the total value of goods exported by these 10 countries accounted for 52 % of the country's exports. India's export of goods increased by 9.13% to $38 billion in May.

This happened following a few months of slow growth in exports, due to fluctuating global demand and an inconsistent economic recovery.

The US maintained its position as India's top export market, with a growth of 13 percent, while the UAE experienced a 19 percent increase in exports from India. Exports to the Netherlands, India's third-largest export market, increased to $2.19 billion in May, showing an almost 44% growth. Saudi Arabia, Singapore, Bangladesh, Germany, and France all experienced significant growth rates: 8.46%, 4.64%, 13.47%, 6.74%, and 36.94% respectively.

IMPORTS

According to the data, imports declined by 4.11% from Saudi Arabia and 32.33% from Switzerland, out of India's top 10 import markets in May.

The remaining eight also experienced an increase in May, consistent with the overall merchandise imports which went up by 7.7 % to $61.91 billion.

India's reliance on crude oil was the primary reason for the 18 % increase in imports from Russia, reaching a total of $7.1 billion. India's second-highest importing location remained as the country. In China, there was a 2.81 % increase to $8.48 billion. Switzerland's imports, largely due to gold imports, decreased by almost 33% to $1.52 billion.

An increase in incoming deliveries was observed for the US (0.4%), the UAE (18%), Iraq (58.68%), Indonesia (-23.36%), South Korea (13%), and Singapore (8.78%). India's merchandise imports are dominated by these 10 countries, making up more than 61 %.