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The Netherlands has emerged as India’s third largest export vacation spot after the U.S. and UAE throughout 2023-24, even because the nation’s merchandise shipments dipped by over 3%, in keeping with the Commerce Ministry knowledge.
The major commodities which registered wholesome exports development within the Netherlands embody petroleum merchandise ($14.29 billion), electrical items, chemical substances, and prescribed drugs within the final fiscal.
India’s commerce surplus with the Netherlands has elevated to $17.4 billion within the final fiscal from $13 billion in 2022-23.
The Netherlands has taken over main locations such because the U.Okay., Hong Kong, Bangladesh and Germany.
India’s exports to the Netherlands rose by about 3.5% to $22.36 billion in 2023-24 as towards $21.61 billion in 2022-23, the info confirmed.
In 2021-22 and 2020-21, the outbound shipments to the European nation stood at $12.55 billion and $6.5 billion, respectively.
The exports have been registering wholesome development constantly since 2000-01, when India’s exports to that nation had been $880 million.
Further, in 2021-22, the Netherlands was the fifth largest vacation spot for Indian exports as towards the ninth largest in 2020-21.
According to commerce consultants, the Netherlands has emerged as a hub for Europe with environment friendly ports and connectivity with the EU by roads, railways and waterways.
Mumbai-based exporter and Chairman of Technocraft Industries Sharad Kumar Saraf mentioned the development of accelerating exports would proceed sooner or later additionally.
Saraf mentioned that the Netherlands is a gateway to Europe as its ports are very environment friendly.
India and the Netherlands established diplomatic relations in 1947. Since then, the 2 international locations have developed sturdy political, financial and business relations.
In 2023-24, the bilateral commerce between the 2 international locations marginally dipped to $27.34 billion as towards $27.58 billion in 2022-23.
The Netherlands is among the many prime buying and selling companions of India in Europe, after Germany, Switzerland, the U.Okay. and Belgium.
It can also be a significant investor in India. During the final fiscal, India obtained about $5 billion in international direct funding from the Netherlands. It was $2.6 billion in 2022-23.
There are over 200 Dutch firms current in India, together with Philips, Akzo Nobel, DSM, KLM and Rabobank. Similarly, there are greater than 200 Indian firms working within the Netherlands, together with all the key IT corporations resembling TCS, HCL, Wipro, Infosys, Tech Mahindra in addition to Sun Pharmaceuticals and Tata Steel.
Source: www.thehindu.com
