India's Exports Soar to Record Highs, Boosted by New Markets and Trade Deals

• Exports grew 11.9% year-on-year in February 2024 to a record $41.4 billion, boosted by pharmaceuticals, engineering goods, etc.

• New markets like Africa, Latin America, Central Asia contributed $234 million in April-December 2023, a 5% increase.

• India is on track to reach $1 trillion each in goods and services exports by 2030 due to bilateral agreements and 14 FTAs signed in 2024.

• Top export partners are US (15% share), UAE (11%), Hong Kong (5%), China and Singapore (4% each).

• Shipping route disruptions have opened opportunities in Africa, Americas, though affecting some exporters in the short term.