Business

India’s Exports To The US Reach $77.5 Billion In FY24, Growing At 10.3% CAGR Over Three Decades

New Delhi: India’s exports to the United States reached $77.5 billion in FY24, growing at a compound annual growth rate (CAGR) of 10.3% over the past 30 years, according to a Bank of Baroda report. The US now accounts for 18% of India’s total exports, reflecting its increasing importance as a trade partner.

The report highlights that exports to the US consistently outpaced overall export growth after the 2008 global financial crisis. This trend underscores the strengthening trade relationship between India and the US.

Key Commodities Driving Exports

In FY24, the top five export commodities to the US included drugs and pharmaceuticals, pearls and precious stones, petro products, telecom instruments, and ready-made garments. Together, these categories contributed 40% of India’s total exports to the US.

Other key exports include yarn, marine products, and electronic goods. However, electronic goods face stiff competition from other Asian countries. Industries like pharmaceuticals and garments have over 30% of their turnover tied to the US market, indicating a high dependency on American demand.

Need for Market Diversification

The US share of India’s exports has rebounded from a low of 10.1% in FY11, following the financial crisis, to 18% in FY24. Despite this growth, the report advises diversifying export markets to mitigate risks from over-reliance on a single destination, especially amid changing global political and economic dynamics.

India’s growing exports to the US demonstrate the market’s critical role in supporting Indian industries and driving overall export growth.

Also Read: India’s Per Capita Availability Of Fruits And Vegetables Grows By 19 kg In A Decade

Ajaypal Choudhary

Recent Posts

Parag Jain Appointed New RAW Chief; 1989-Batch IPS Officer To Succeed Ravi Sinha

The Central government has named senior IPS officer Parag Jain as the new head of…

5 hours ago

Avinash Bhosale Sold ₹1,432 Crore London Hotel While In Custody; ED And CBI Probe Raises Alarms

In a twist in the Yes Bank–DHFL scam, Avinash Bhosale sold a ₹1,432.5 crore London…

6 hours ago

Bihar Signs Mou With AAI To Develop Six Regional Airports Under Udan Scheme

The Government of Bihar on Sunday signed a MoU with the Airports Authority of India…

6 hours ago

Rajasthan Sees Growing Demand For Extension Of Acting DGP Ravi Prakash Meharda

Ravi Prakash Meharda’s routine appointment as Rajasthan’s Acting DGP on 10 June has turned into…

7 hours ago

Paresh Rawal Confirms Return To Hera Pheri 3 After Legal Settlement With Akshay Kumar

Veteran actor Paresh Rawal has confirmed his return to Hera Pheri 3, following a legal…

8 hours ago

Adani Group & ISKCON Serve Nutritious Prasad To Pilgrims During Puri Rath Yatra 2025

This year’s Jagannath Rath Yatra in Puri witnessed a profound act of service as the…

8 hours ago