June 5, 2024
Indian exports to the Netherlands have shown consistent growth, rising from US$6.5 billion in 2020-21 to US$12.55 billion in 2021-22
The Netherlands is a key European trade hub due to its efficient ports and connectivity with the EU via roads, railways, and waterways
Bilateral trade between India and the Netherlands slightly dipped to US$27.34 billion in 2023-24 from US$27.58 billion in 2022-23
India and the Netherlands have maintained strong diplomatic and economic ties since establishing relations in 1947
According to the commerce ministry data quoted in media reports, the Netherlands emerged as India’s third largest export destination after the US and UAE during 2023-24, even as the country’s merchandise shipments dipped by over 3%. In the last fiscal year, the main commodities that registered healthy export growth in the Netherlands included petroleum products (US$ 14.29 billion), electrical goods, chemicals, and pharmaceuticals.
India’s trade surplus with the Netherlands increased to US$ 17.4 billion in the last fiscal year from US$ 13 billion in 2022-23.
The Netherlands has pipped major destinations such as the UK, Hong Kong, Bangladesh and Germany.
The data showed that India’s exports to the Netherlands rose by about 3.5% to US$22.36 billion in 2023-24, compared to US$21.61 billion in 2022-23.
In 2021-22 and 2020-21, the outbound shipments to the European country stood at US$12.55 billion and US$6.5 billion, respectively. Exports have been registering healthy growth continuously since 2000-01, when India’s exports to that nation were US$880 million.
Further, in 2021-22, the Netherlands was the fifth-largest destination for Indian exports, against the ninth-largest in 2020-21. According to trade experts, the Netherlands has emerged as a European hub with efficient ports and connectivity with the EU through roads, railways and waterways. India and the Netherlands established diplomatic relations in 1947. Since then, the two countries have developed strong political, economic and commercial relations. In 2023-24, the bilateral trade between the two countries marginally dipped to US$ 27.34 billion against US$ 27.58 billion in 2022-23.
The Netherlands is among India’s top trading partners in Europe, after Germany, Switzerland, the UK, and Belgium. It is also a major investor in India. During the last fiscal year, India received about US$5 billion in foreign direct investment from the Netherlands, which was US$2.6 billion in 2022-23.
Source: The Hindu