India's top export products and their destinations countries in 2023
In recent decades, India has emerged as a significant export nation. India is the 19th largest exporter in the world, and its exports for 2022-23 aggregate $447.46 billion. The quantity of goods exported from India has increased significantly. In 2022–23, Textiles and Garments, Pharmaceuticals, Jewellery, and Machinery and Equipment are among India’s major exports. Are you thinking of exporting but aren't sure what to sell in 2023? No need to worry; in this blog, we will discuss the major exported products from India in brief.
What is the export of India in 2022–23?
Over the past few years, exports from India have increased tremendously on the back of robust manufacturing across industries and a favouring policy landscape.
Based on India export data, India’s overall exports are estimated to scale new heights, growing at 13.84 percent during FY 2022–23 over FY 2021–22 to reach USD 770.18 billion worth of exports.
Merchandise exports have registered their highest ever annual exports of USD 447.46 billion with 6.03% growth during FY 2022–23, surpassing the previous year's (FY 2021-22) record exports of USD 422.00 billion.
With a predicted annual value of USD 322.72 billion and a growth rate of 26.79 per cent over FY 2021-22, services exports are expected to reach a new high.
| Trade during FY 2022-23 (April-March)* |
| |
Overall Trade |
Trade |
2022-23 (USD Billion) |
2021-22 (USD Billion) |
|
| |
Merchandise |
Export |
447.46 |
422 |
|
| |
Import |
714.24 |
613.05 |
|
| |
Services* |
Export |
322.72 |
254.53 |
|
| |
Import |
177.94 |
147.01 |
|
| |
(Merchandise+ Services) * |
Export |
770.18 |
676.53 |
|
| |
Import |
892.18 |
760.06 |
|
| |
Trade Balance |
-122 |
-83.53 |
|
| |
|
|
|
|
|
The government has set a target of exporting $1 trillion worth of goods and services by 2025 as per Export data. The strong export performance in 2022 is a step in the right direction towards achieving this target.
Top 5 exporting countries of India in 2022–2023
The top 5 exporting countries of India in 2022-23 are:
- United States: The United States was the top export destination for India in 2022, with exports valued at $112.47 billion. The main exports to the United States were petroleum products, gems and jewellery, engineering goods, and drugs and pharmaceuticals. Also, get US Imports Data
- United Arab Emirates: The United Arab Emirates was the second-largest export destination for India in 2022, with exports valued at $56.26 billion. The main exports to the United Arab Emirates were petroleum products, gems and jewellery, and engineering goods.
- China: China was the third-largest export destination for India in 2022, with exports valued at $52.14 billion according to export import data. The main exports to China were engineering goods, gems and jewellery, and textiles.
- Bangladesh: Bangladesh was the fourth-largest export destination for India in 2022, with exports valued at $44.31 billion. The main exports to Bangladesh were textiles, ready-made garments, and leather goods.
- Saudi Arabia: Saudi Arabia was the fifth largest export destination for India in 2022, with exports valued at $39.14 billion. The main exports to Saudi Arabia were petroleum products, engineering goods, and chemicals. You can also Search HS codes for your specific products.
India’s Top 10 Exports in 2022-23
The fiscal year 2022-23 has witnessed a remarkable surge in India's export sector, contributing significantly to the nation's economic growth. From Petroleum products to cotton yarns, India has a diverse range of export items. Now explore India's top 10 exports in detail:
- Gems and Jewellery ($28.6 billion): India's rich history and craftsmanship in jewellery-making have made it a global leader in the export of precious gems and jewellery. The country offers a diverse range of exquisitely designed pieces, including diamonds, gemstones, and gold, catering to the demands of international markets.
- Petroleum Products ($25.3 billion): India's refining capabilities and substantial crude oil imports enable it to export a significant volume of petroleum products. Refined fuels like gasoline, diesel, and petrochemicals are sought after by various countries, contributing significantly to India's export revenue.
- Pharmaceutical Products ($23.8 billion): India is a major player in the global pharmaceutical industry and produces high-quality generic medicines. Its competitive pricing and adherence to international quality standards have driven export demand for Indian pharmaceutical products.
- Organic Chemicals ($19.6 billion): India's chemical industry has witnessed remarkable growth, and organic chemicals are a major contributor to its export portfolio. These chemicals find applications in diverse industries, including pharmaceuticals, plastics, and agriculture, making them crucial for global supply chains.
- Machinery and Mechanical Appliances ($17.6 billion): Indian manufacturers excel in producing a wide range of machinery and mechanical appliances, including industrial equipment, engines, and pumps. These products are in demand globally due to their quality, reliability, and competitive pricing.
- Iron and Steel ($16.6 billion): India's iron and steel industry is a significant contributor to its export earnings. The country produces various steel products, such as sheets, pipes, and rods, which are used in the construction, automotive, and manufacturing sectors worldwide.
- Vehicles, Parts, and Accessories ($15.2 billion): India's automobile industry has expanded considerably, leading to increased exports of vehicles, parts, and accessories. With a reputation for producing economical and fuel-efficient vehicles, India caters to the needs of diverse international markets.
- Cereal Preparations and Miscellaneous Processed Items ($14.6 billion): Indian food processing industries export a variety of cereal preparations, including ready-to-eat meals and processed grains. These products cater to the growing demand for convenient and nutritious food globally.
- Rice ($13.7 billion): India is one of the largest rice exporters in the world, offering a wide range of rice varieties to international markets. The country's diverse agro-climatic regions ensure the production of different types of rice, meeting the preferences of consumers worldwide.
- Cotton Yarn ($12.9 billion): With a robust textile industry, India exports significant quantities of cotton yarn. This raw material is used by various countries' textile manufacturers to produce fabrics and garments, making it a crucial component of the global textile supply chain.
Future outlook for Indian exports
Despite trends towards a worldwide recession, the Director General of Foreign Trade (DGFT) predicts that Indian merchandise exports will likely remain at "similar or higher levels" in FY 2024. As per the official notification, India’s recently signed free-trade agreements (FTAs) with the UAE and Australia are expected to provide a boost to exports in the next fiscal year.
While the India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into effect in May 2022, the India-Australia Economic Cooperation and Trade Agreement (ECTA) formally took effect on December 29, 2022. They aim to boost their bilateral trade to $50 billion and $100 billion, respectively, during the next five years, as per import export data.
India is also presently implementing free trade agreements (FTAs) with the UK, the European Union (EU), Israel, and other nations.
How to find buyers for Exports?
There are several ways to find accurate buyers for your export products; you can visit the Seair Exim Solutions platform to acquire real-time export import data. We provide authentic and genuine Indian import export data, global trade data and HSN codes, etc. It is easy to export from anywhere in the world, especially India. You will understand the entire process the first time you export and face challenges. So, if you have any queries on detailed things about how to export products from India or related to Import Data India and US Imports Data, our dedicated experts have years of experience in data insights.
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