India is the leading exporter of rice followed by engineering goods to cereals. In 2024, like every year India exported its merchandise to almost every country across the world. Amid the increasing global tensions, instability, and trade conflicts between nations, India’s exports reached USD 778.21 billion in 2023-24. The increment of 67 per cent was a historic rise over the past decade (2013-14), according to a Press Information Bureau (PIB) press report by the Ministry of Commerce and Industry. Out of which, merchandise exports worth USD 437.10 billion and services exports of USD 341.11 billion in 2023-24 drove the rapid growth of India’s export ecosystem.
The pharmaceutical industry also saw a steady growth in India, which is also the third-largest manufacturer of medicines in the world. The export value of pharmaceuticals from India saw a significant rise from $15.07 billion in 2013–14 to around $28 billion in 2023–24. In the same time frame, agricultural shipments have more than doubled, rising from slightly over $22 billion to $48 billion. All thanks to Modi stringent policy and strategic policy measures that India recorded a whooping growth rate. North America has remained the leading region for India’s exports from 2004 to 2024, with a significant increase in export values over the years.
Amidst all this the USA tops the list as India’s top merchandise export destination with a share of exports at 17.90 per cent in 2023-24, followed by UAE at 8.2 per cent and the Netherlands at 5.16 per cent. However, after the Donald Trump led US government imposed a tariff of 25% which was later increased to 50% India’s GDP is likely to decrease by more than half a percentage point. Still, the US Tariff is seen only as the temporary hurdles and not the roadblock by experts, traders, and exporters.