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

Union Minister Kiren Rijiju Inaugurates Jamia Millia Islamia’s 105th Foundation Day & Six-Day ‘Talimi Mela’

Union Minister Kiren Rijiju inaugurated Jamia Millia Islamia’s 105th Foundation Day celebrations and the six-day…

13 hours ago

PM Modi To Unveil 25 E-Buses At Statue Of Unity; Strengthening India’s First E-City Vision

PM Modi will inaugurate 25 new E-buses in Gujarat, on October 31, coinciding with Sardar…

13 hours ago

Nothing Is Affordable Phone 3a Lite: Launch, Design & Key Features

Nothing Phone 3a Lite offers sleek design, 5G performance, and affordability with modern features.

15 hours ago

Pakistan Approves Over 2,100 Visas For Indian Sikhs To Attend Gurpurab 2025

The Pakistan High Commission has granted over 2,100 visas to Indian Sikh pilgrims to attend…

15 hours ago

PM Modi Showcases India’s Maritime Progress; Calls For Global Partnerships

PM Modi urged global investors to invest in India’s growing maritime sector amid global trade…

16 hours ago

Rain Halts India’s Charge As First T20I Against Australia Called Off In Canberra

Persistent rain forced the abandonment of the first T20I between India and Australia at Canberra’s…

16 hours ago