US top export destination for India
• America has emerged as the top destination for export of India. In the last financial year, US $ 47.9 billion worth of value was exported. After that, the United Arab Emirates (UAE) and Hong Kong are in place respectively. The Ministry of Commerce said in the information on Twitter, “America is the leading export market for India in the financial year 2018-19.
• During this period, export value of $ 47.9 billion was exported. After that, the United Arab Emirates ($ 28.1 billion) and Hong Kong ($ 14.7 billion) were ranked respectively. “In the financial year 2016-17, the country’s exports to the US are worth 42.2 billion dollars. Other major destinations include China, Singapore, UK, Germany, Bangladesh, Vietnam and Nepal.
• In the last 10 years, top 10 exporter products have been replaced by petroleum, pearl, valuable and semi precious stones, pharmaceuticals, engineering goods, chemicals, textiles and rice. According to trade experts, America will always remain the main export destination for domestic exporters. Its share of total exports of India’s goods is about 16 percent.
• Professor of Indian Institute of Foreign Trade Rakesh Mohan Joshi said, “America is a big market for us because it is the world’s largest economy. We need to pay special attention to this market as it will continue to be a crucial destination for our exports. “While China is the biggest source of energy for India in terms of importation.
• Imported goods worth $ 76.3 billion in 2017-18 After that, the US (26 billion dollars) and Saudi Arabia (22.1 billion dollars) respectively.
The major items that were imported in the last financial year include crude oil ($ 87.4 billion), pearl stones ($ 34.2 billion) and gold ($ 33.7 billion). Exports in the year 2017-18 increased by about 10 percent to $ 303 billion.