Exports to Germany were up 14 per cent since 2018-19, compared to a 5 per cent rise in imports from the European country.
Segments affected would likely include chemicals, machinery, and electronics, according to Sanjay Budhia, chairman of the Confederation of Indian Industry’s national committee on imports and exports. Germany’s recession became official with statistical data released last week.
Indian exports to Germany have increased faster than imports over the past decade.
Exports to Germany were up 39.9 per cent to $10.1 billion in 2022-23 from $7.2 billion in 2012-13, showed a Business Standard analysis of government trade data. India’s imports from Germany rose by 11.2 per cent to $15.9 billion in 2022-23, from $14.3 billion in 2012-13 .
The gap between India’s imports from Germany and its exports to that nation had narrowed in recent years. It was down to $5.8 billion in 2022-23, lower than $7.1 billion in 2012-13.
The notable export success since the pandemic is the surge in telecom instruments going from Germany to India. They have increased by 16 times since 2018-19 from around $30 million to nearly $500 million in 2022-23. Exports of industrial machinery for dairy, etc. increased from $0.25 billion in 2018-19 to $0.5 billion in 2022-23.
India’s other major exports to Germany in 2022-23 included electric machinery and equipment, readymade cotton garments, and products of iron and steel. The top ten items accounted for 42.1 per cent of Indian exports to Germany in 2022-23.
Laggards among the top ten items included electric machinery and equipment was down 16.3 per cent in 2022-23 compared to 2018-19. Leather footwear exports showed a 14.3 per cent decline over the same period.
Readymade cotton garments recorded a maximum trade surplus of $0.6 billion, followed by $0.4 billion for telecom instruments.
Germany accounts for about two per cent share of India’s overall exports, and was India’s 3rd largest export market in Europe after Netherlands and the United Kingdom in 2023.
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