In a notable shift in global trade dynamics, Britain has surpassed China to become India’s fourth largest export market as of May. This development marks a significant change from the previous year when Britain held the sixth position.

Export Growth to Britain

The Commerce Department data revealed a robust growth of nearly one-third in India’s exports to Britain, reaching $1.37 billion in May. This growth contrasts with India’s exports to China, which stood at $1.33 billion for the same period. Although specific sector-wise export figures for May were not provided, historical data suggests that machinery, food products, medicine, textiles, jewelry, iron, and steel were the major categories exported to Britain.

Top 10 Export Markets

During May, India’s exports to its top 10 export markets witnessed a positive trend, reversing a year-long decline. Remarkably, these markets accounted for 52% of India’s total exports.

The table below highlights the export values and growth percentages to these top markets:

Overall Merchandise Exports

India’s overall merchandise exports saw a growth of 9.13% in May, amounting to $38 billion. This uptick is notable given the previous months of sluggish performance due to fluctuating global demand and economic slowdowns.

Import Dynamics

In May, India’s total merchandise imports rose by 7.7% to $61.91 billion. The table below presents the import values and growth percentages from India’s top 10 import partners:

Key Highlights

• Oil Imports from Russia: Imports from Russia rose by 18% to $7.1 billion, largely due to India’s dependency on Russian oil.
• Gold Imports from Switzerland: India’s gold imports from Switzerland saw a significant decline of 32.33%, dropping to $1.52 billion in May.
• Imports from China: Continued to rise, albeit modestly, by 2.81%, reaching $8.48 billion.

Britain’s ascent as a key export market for India underscores the evolving trade relationships and India’s strategic adjustments in its export destinations. Meanwhile, the overall growth in merchandise exports and imports highlights the resilience and adaptability of India’s trade sector amid global economic challenges.