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

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.

• 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

Answer: D) 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.