India’s resilience of exports has increased significantly in the post COVID-19 years. The growth of exports during 2021 and 2022 at 20 per cent and 9.7 per cent, respectively was the highest among the top 20 leading exporters, said a research report.

The top 10 highly growing export commodities have shown a consistent high growth during the last five years (FY 2019-2023), including sugar and confectionary (43 per cent), mineral fuel and oils (36 per cent), electrical machinery and parts (27 per cent), aluminum and articles (18 per cent), inorganic chemicals, precious and rare- earth metals (16 per cent) miscellaneous chemical products (16 per cent), cereals (14 per cent), iron and steel (12 per cent), among others.

The research report has been prepared by PHD Research Bureau, PHD Chamber of Commerce and Industry (PHDCCI), on India’s Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030.

The top 10 highly growing export destinations have shown a consistent growth during the last five years (FY 2019 to FY 2023 average) including Togo (73 per cent), the Netherlands (36 per cent), Brazil (28 per cent), Israel (27 per cent), Indonesia (24 per cent), Turkey (22 per cent), Australia (20 per cent), South Africa (19 per cent), Saudi Arabia (16 per cent) and Belgium (13 per cent), said the report.

“Exports to these countries have grown at a high growth rate amidst the global economic slowdown. These countries are emerging major growth destinations for India’s exports though the volumes have to pick up more significantly in the coming times,” said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry (PHDCCI).

The PHDCCI president said the dynamic policy environment provided by the government along with efforts of the exporters to connect with global value chains have enhanced the export volumes.

Agrawal said during the past ten years, exports have accelerated significantly, rising from USD 375 billion in FY 2011 to USD 770 billion in FY 2023.

Speaking about the report, Dr. Ranjeet Mehta, Executive Director, PHD Chamber of Commerce and Industry, said the emerging high growth destinations such as Togo, Netherlands, Brazil, Israel, Indonesia, Turkey, Australia, South Africa, Saudi Arabia and Belgium and high growth export commodities such as Sugar and confectionary, Mineral fuel and oils, aluminum and articles, inorganic chemicals, ships, boats and floating structure, rubber and articles and optical, photographic, medical apparatus would enhance India’s export growth to new highs.

Elaborating further about the report, Dr. SP Sharma, Chief Economist, PHD Chamber of Commerce and Industry, said the industry body had identified 75 products on the basis of six digit Harmonised system (HS code), these 75 commodities account for about 50 percent of India’s total exports for the FY 2023, suggesting that these commodities have a great potential to propel India’s exports.

These 75 products grew at 11 per cent in 2022-23 as compared with 6% growth of India’s total merchandise exports in 2022-23, said Dr. Sharma.

“The growth of services during the last two years at 24% (average) is commendable as our services have shown a great resilience and price competitiveness in the global markets. The growth of services exports will also be a major growth driver to achieve the ambitious targets of USD 2 trillion exports by 2030,” he added.