Eco Survey 2024-25: India adds new commodities & markets to export basket; sends lifts to Zimbabwe, Tanzania, Honduras

Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2024-2025 in Parliament on Friday. The survey indicated that India has diversified its export basket not only in terms of commodities but also in its export markets. Commodities such as optical items, medical-scientific instruments, lifts and cranes have been added to this new kitty of the export basket with new export markets, such as Zimbabwe, Tanzania, Jordan and Honduras.Currently, India’s export basket consists mostly of textiles, coal, rice, marine products, etc., and its major importers are China, the US, the Netherlands, and the UAE.

The survey stated that between 1994 and 2022, India has carved out new markets as well as become a market leader in new product categories. “For instance, India is a top exporter of shipping vessels (with a nearly 33 per cent market share). Similarly, it is a leading exporter of iron and steel alloys, an unexplored market before 1994,” it read.

During the period of April and November 2024, despite global challenges such as inflation, the Ukraine-Russia war, and the Israel-Hamas war, India’s exports witnessed significant expansion into diverse markets. Some of these were brand new markets where no major exports were seen before. Further, in other markets, the export share of commodities rose to over 1% year-on-year (YoY) in volume but more than 25% in value terms.

“Optical items had an export value of $16.6 million during April-November 2024 and were exported to 14 new markets (Zimbabwe, Vietnam, Tanzania, Uganda, Tunisia, Romania, Qatar, Philippines, Mozambique, Kuwait, South Korea, Iraq, Ghana, Finland). Similarly, the export of cranes, lifts, and winches stood at $23.1 million during April-November 2024, which has been exported to 12 new markets (Taiwan, Somalia, Portugal, Myanmar, Morocco, Madagascar, Lithuania, Jordan, Honduras, Cameroon, and Armenia),” the survey pointed out.

Among other commodities, office equipment & medical-scientific instruments saw an export of $10.7 million (exported to 12 new markets) and $62.7 million (exported to 9 new markets), respectively, during April-November 2024; surgicals have also been exported to nine new markets, with an export value of $5.4 million during that period.The survey also highlighted that the exploration of new markets displays India’s proactive approach to widen its export reach and not put all eggs in one basket.“This diversification strategy mitigates risks associated with market fluctuations and positions India as a more competitive player in the international trade landscape while contributing to the country’s economic development,” it read.

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