The top10 countries for Indian exports have shown a declining trend in merchandise exports since the year 2000 as compared to 2024. Their share has declined from 61.9% in year 2000 to 50.5% in FY24. On the contrary, Asian, African and Middle East countries such as UAE, Singapore, Hong Kong and China have emerged as the preferred export destinations, replacing traditional export markets such as UK, Germany and Belgium. The combined share of the new markets being explored by the Indian exporters has increased from 42.9% in FY2000 to 52% in FY24. In the past fiscal year, UAE, Singapore, Russia, China and Australia have emerged as major export markets.
The commerce ministry is targeting $800 billion worth of goods and services exports this fiscal. It was $778 billion in 2023-24.
