Netherlands emerges as India’s third largest export destination during 2023-24

New Delhi: The Netherlands has become India’s third-largest export destination, after the U.S. and UAE, for 2023-24. This happened even though India’s overall exports dropped by more than 3%, according to Commerce Ministry data. The main products India exported to the Netherlands include petroleum products ($14.29 billion), electrical goods, chemicals, and pharmaceuticals.

India’s trade surplus with the Netherlands grew to $17.4 billion last year from $13 billion in 2022-23. The Netherlands has moved ahead of the U.K., Hong Kong, Bangladesh, and Germany in receiving Indian exports. Exports to the Netherlands rose by about 3.5%, reaching $22.36 billion in 2023-24, compared to $21.61 billion in 2022-23. In the years 2021-22 and 2020-21, exports were $12.55 billion and $6.5 billion, respectively. Exports have been growing steadily since 2000-01 when they were $880 million.

In 2021-22, the Netherlands was the fifth-largest destination for Indian exports, up from ninth in 2020-21. Experts say this is because the Netherlands is a key hub for Europe, with efficient ports and good connections by road, rail, and water.

Sharad Kumar Saraf, a Mumbai-based exporter and Chairman of Technocraft Industries, believes that exports will continue to increase. He noted that the Netherlands acts as a gateway to Europe because of its efficient ports.

India and the Netherlands established diplomatic relations in 1947 and have since developed strong political, economic, and commercial ties. In 2023-24, trade between the two countries slightly decreased to $27.34 billion from $27.58 billion in 2022-23. The Netherlands is one of India’s top trading partners in Europe, behind Germany, Switzerland, the U.K., and Belgium. It is also a major investor in India, with investments reaching about $5 billion last year, up from $2.6 billion in 2022-23.

There are over 200 Dutch companies in India, including Philips, Akzo Nobel, DSM, KLM, and Rabobank. Likewise, more than 200 Indian companies operate in the Netherlands, including major IT firms like TCS, HCL, Wipro, Infosys, Tech Mahindra, as well as Sun Pharmaceuticals and Tata Steel.


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