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India’s Exports Could Benefit from New Product-Market Mix

New Delhi, the capital city of India, has recently seen a surge in its exports to various countries, marking a significant milestone in the country’s outbound shipments. Among the notable achievements are the exports of frozen peas to China, office equipment to Belgium and Sri Lanka, and light naphtha to Malaysia and the Philippines. These new market access wins have opened up opportunities for India to expand its presence in global trade and potentially revive its export growth.

One of the standout successes is the export of Indian frozen peas to China, where the country captured a 3.28% share of the market in 2023, up from zero in the previous year. This development is seen as a positive sign of progress in markets where India had not previously been present. While the absolute numbers may be small at the moment, these initial exports pave the way for larger quantities in the future.

In addition to frozen peas, India has also made inroads in other products such as coffee, office equipment, and light naphtha. Indian coffee, for instance, now holds almost 9% of the Italian market, showcasing a strong performance in a competitive industry. The export of MRI apparatus to Germany has also seen a fourfold increase in 2023, indicating a growing demand for Indian-made medical equipment.

Furthermore, India has successfully exported light naphtha worth millions of dollars to Malaysia and the Philippines for the first time in FY24. This achievement highlights the country’s ability to tap into new markets and diversify its export portfolio. Similarly, Belgium and Sri Lanka have emerged as promising destinations for Indian office equipment, signaling a potential for further growth in this sector.

The need to explore new export opportunities has become crucial for India, especially in light of challenges such as muted global demand and fluctuating commodity prices. Despite these obstacles, Indian exporters have shown resilience and adaptability in capturing new markets and expanding their presence abroad. The recent successes in various product categories demonstrate India’s competitiveness and potential for further growth in international trade.

As India continues to explore new markets and products, the role of free trade agreements and trade pacts becomes increasingly important. These agreements provide a framework for facilitating trade and opening up new opportunities for exporters. For instance, the export of motor spirit to Australia was made possible after the signing of a trade pact between the two countries, highlighting the benefits of such agreements.

Overall, the recent achievements in India’s exports reflect the country’s growing presence in the global market and its ability to compete effectively in various sectors. With the support of organizations like the Federation of Indian Export Organisations (FIEO), Indian exporters are well-positioned to capitalize on emerging opportunities and drive further growth in outbound shipments. As India continues to explore new markets and products, the future looks promising for the country’s export sector.

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