Netherlands becomes India’s third largest export destination

The Netherlands has emerged as India’s third largest export destination in the first nine months (April-December) of the current financial year due to petroleum products, electronic goods, chemicals and aluminum goods. India’s largest export destination is America. Whereas the United Arab Emirates (UAE) comes at number two. India’s trade surplus with the Netherlands is also expected to increase from $1.5 billion in 2017 to $12.3 billion in 2022. According to commerce ministry data, the Netherlands has overtaken the UK, Hong Kong, Bangladesh and Germany as India’s export market.

India’s exports to the Netherlands are set to grow by nearly 69 per cent to $13.67 billion during April-December, 2022, as against $8.10 billion in the same period last year. India’s exports to this European country in the financial years 2021-22 and 2020-21 were $ 12.55 billion and $ 6.5 billion respectively. India’s exports to the Netherlands have been increasing steadily since 2000-01. At that time exports to the Netherlands stood at $880 million. The Netherlands was India’s ninth largest export destination in 2020-21.

It was ranked fifth in 2021-22. Ajay Sahai, director general of the Federation of Indian Export Organizations (FIEO), a leading body of exporters, said the Netherlands has emerged as a hub of Europe through port and road, railway and waterways connectivity with the EU. Sahai said petroleum exports during the April-November period of the current financial year have increased to $6.4 billion from $2.7 billion in the same period last year.

This is because petroleum companies are using the Netherlands as a distribution center. Apart from this, exports of aluminium, electrical goods and electronics to the Netherlands have also increased significantly, he said. However, the end use of some of these products will be in Germany or France.

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