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Netherlands emerged as India's 3rd largest export destination in 2023-24

Published on June 05, 2024
Current Context: In the fiscal year 2023-24, the Netherlands emerged as India’s third largest export destination, after the United States and the United Arab Emirates.
Netherlands emerged as India's 3rd largest export destination in 2023-24
  • Here are some key points:
    • India’s trade surplus with the Netherlands increased to USD 17.4 billion in 2023-24 from USD 13 billion in 2022-23.
    • The main commodities which registered healthy exports growth in the Netherlands include petroleum products ($14.29 billion), electrical goods, chemicals, and pharmaceuticals.
    • India’s exports to the Netherlands rose by about 3.5% to $22.36 billion in 2023-24 as against $21.61 billion in 2022-23.
    • The Netherlands has conquered major destinations such as the UK, Hong Kong, Bangladesh, and Germany.
    • This development is significant as the Netherlands is a hub for Europe with efficient ports and connectivity with the EU through roads, railways, and waterways.
    • It’s also a major investor in India, with India receiving about $5 billion in foreign direct investment from the Netherlands in the last fiscal.

Question:

1. In the fiscal year 2023-24, which country emerged as India’s third-largest export destination?

  • A) Germany
  • B) Bangladesh
  • C) Hong Kong
  • D) The Netherlands
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