Netherlands jumps 5 places to become India’s 5th-largest export destination
May 18, 2022
In the fiscal year ending March 2022, the Netherlands surpassed the United Kingdom as India's fifth-largest export destination. It's an astounding growth considering the country was formerly India's tenth largest export destination. India exported commodities totaling US$12.5 billion, up 94 percent over the 2020-2021 period.
India's biggest exports to the Netherlands were $2.6 billion in aviation turbine fuel and $1.7 billion in diesel. Benzene, aluminum ingots, cellphones, prawns, and a variety of other products were also exported. This shift has been aided substantially by improved commercial connections. India and the Netherlands established diplomatic ties following independence in 1947.
President Shri Ram Nath Kovind paid a visit to the nation last month to commemorate 75 years of diplomatic relations between the two countries. "Bilateral commerce and investments between India and the Netherlands have developed tremendously over the past seven and a half decades," Kovind remarked.
The Netherlands is presently India's third-largest foreign investor. India is also becoming one of the most important investors in the Netherlands. In terms of water management and scientific knowledge, the Netherlands is a leader. Both parties are collaborating closely on a number of joint projects in this field.
Other priority areas of collaboration include agriculture, health, port and shipping, research and technology, higher education, and urban development. The Netherlands has overtaken Germany, Belgium, the United Kingdom, Hong Kong, and Singapore as India's fifth-largest export destination.
However, it is unclear if the country will be able to maintain this position this year. Nonetheless, with roughly $76 billion in exports, the United States remained India's biggest export destination, followed by the United Arab Emirates (UAE) at $28 billion and China at $21.3 billion.