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Date: 22/10/2024

UK becomes 4th largest export market for India

The United Kingdom has pipped China as the fourth-largest market for Indian goods in the first six months of the fiscal for the first time since 2016. Singapore is closing the gap with China, the data showed. In 2023-24, India’s exports to the UK were 29% lower than that of its neighbour, while goods outflow to Singapore was 16% lower. Exports to Singapore are now just 6% lower than China’s, whereas shipments surged 5.8% for the UK. In 2021-22, India’s exports to China were almost double that of exports to Singapore and the UK. In the first six months of fiscal 2024-25, India’s exports were 9.4% lower compared with the year-ago period. On the other hand, exports to the UK were 12.2% higher year-on-year. Singapore recorded a 2.2% growth in exports, as per a report.

Source: Exim News Service: New Delhi, Oct. 21