Netherlands to Emerge as India's 3rd Largest Trading Partner in 2022-23
India's Exports to the Netherlands are estimated to grow by about 48%
NEW-DELHI: The Netherlands has emerged as India's third largest export destination in the last financial year (2022-23) after the US and the United Arab Emirates (UAE). India exports petroleum products, electronic items, chemicals and aluminum items to these countries. This information has been obtained from the statistics of the Ministry of Commerce.
India's trade surplus with the Netherlands is expected to increase from $8 billion in 2021-22 to $13 billion in 2022-23. Statistics show that Netherlands has left behind UK, Hong Kong, Bangladesh and Germany in terms of exports from India.
Reportedly, India's exports to the Netherlands are estimated to grow by about 48 percent from $12.5 billion in 2021-22 to $18.52 billion in 2022-23. Exports to the Netherlands in the financial years 2021-22 and 2020-21 were $12.55 billion and $6.5 billion, respectively. Exports to the Netherlands have been increasing steadily since 2000-01.
Notably, The Netherlands ranked ninth as India's largest export destination in 2020-21. It moved to the fifth position in 2021-22. Ajay Sahai, Director General of Federation of Indian Export Organizations (FIEO), said that the Netherlands has emerged as a hub for Europe with efficient ports and connectivity by road, railways and waterways.