US share in India's merchandise exports up despite diversification move

Between FY12 and FY23, the US share in India's import basket rose from 4.8 per cent to 7 per cent

Notwithstanding India’s efforts to diversify its merchandise exports, the country’s dependence on the US for its outbound shipments has increased over the past 12 years by 7 percentage points to touch 17.4 per cent share in 2022-23 (FY23).

In contrast, the share of the US in India’s total exports has continuously declined from a high of 21.7 per cent in 1998-99 to a low of 10.1 per cent in 2010-11, reveals India’s Department of Commerce data. During the pandemic years of 2020-21 and 2021-22, the export share of the US was even higher than the FY23 levels.
 

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