Netherlands has become the fifth-largest export destination for India in the financial year ending March 2022. It is an impressive growth as the country was India’s 10th largest export destination just the previous year. India exported goods worth US $12.5 billion, which is a whopping rise of 94% as compared to 2020-2021 year.
India’s exports to Netherlands were mainly aviation turbine fuel at $2.6 billion and diesel at $1.7 billion. Other exports included benzene, aluminium ingots, smart-phones, prawns and several others.
Better trade relations has contributed greatly to this change. Diplomatic relations between India and Netherlands started after independence, in 1947. Last month the two countries celebrated 75 years of relations and President Ram Nath Kovind had visited the country.
Kovind had said, “Over the past seven and a half decades, bilateral trade and investments between India and Netherlands have grown remarkably. The Netherlands is now the third largest investor in India. Likewise, India is also emerging as one of the top investors in Netherlands. The Netherlands is a pioneer in water management and scientific know-how. Both sides are closely working together to implement several joint projects in this sector. Agriculture, health, port and shipping, science and technology, higher education and urban development have been identified as other priority areas of cooperation.”
Netherlands surpassed Germany, Belgium, UK, Hong Kong and Singapore to become the fifth-largest export destination for India. However, it is uncertain if the country can maintain this position in the current year.
Nevertheless, the US remained India’s top export destination at around $76 billion, followed by United Arab Emirates (UAE) at $28 billion and China at $21.3 billion.