India’s exports growth story has been phenomenal lately with double-digit growth registered in the last two months. Moreover, India’s annual exports growth rate is also expected to be healthy, probably the fastest, in coming years, outpacing exports king China. However, India’s total yearly exports at $298 billion are far behind not just China, but the United States, Germany and many others.
The World Economic Forum has shared a map depicting the world’s biggest exporters using different shades of blue. Can you spot India on this map?
As per 2017 data, the world’s top five exporters are China $2,263 billion; United States $1,547 billion; Germany $1,448 billion; Japan $698 billion; Netherlands $652 billion.
India, which is not in the top ten list, has continued to show healthy exports growth. The country’s exports surged whopping 20% in May and 17% in June. The Federation of Indian Exports Organisation said that the 23 out of 30 major products exported from India were in positive territory in the month of May this year. Other segments such as petroleum, engineering, organic & inorganic chemicals, drugs & pharmaceuticals, cotton yarn/fabs/made-ups, electronic goods and plastic and linoleum have also shown positive growth.
In fact, internationally, India’s engineering goods are quite popular. Engineering goods that comprise of cars, automobile parts, spacecraft product etc constituted 24% of the total goods exports in the financial year 2016-17. India’s services exports, too, showed remarkable growth last year, with a double-digit growth in the first half of the last year.