Netherlands Becomes India's Third Largest Export Destination In 2023

The Netherlands has emerged as India's third largest export destination after the US and UAE in 2023-24, with key exports including petroleum products, electrical goods, chemicals, and pharmaceuticals. India’s trade surplus with the Netherlands rose to USD 17.4 billion in the last fiscal year.

The Netherlands has ascended to become India's third largest export destination, trailing only the US and UAE, for the fiscal year 2023-24. This development comes amid a dip in India's overall merchandise shipments by over 3 per cent, according to the commerce ministry data.

Significant exports to the Netherlands included petroleum products valued at USD 14.29 billion, along with electrical goods, chemicals, and pharmaceuticals. The bilateral trade surplus broadened to USD 17.4 billion, up from USD 13 billion in the previous fiscal year.

Both countries have solidified their economic ties since establishing diplomatic relations in 1947. In the same period, India saw a modest rise in export value by 3.5 per cent to USD 22.36 billion. The Netherlands, being a crucial entry point into Europe with its efficient ports, is projected to continue as a key trading partner. Foreign direct investment inflows from the Netherlands into India also saw a notable increase during this period.