Netherlands now ranks as India’s third largest export market, after the U.S. and UAE.
The Netherlands has emerged as India’s third largest export destination for the fiscal year 2023-24, following the U.S. and UAE, despite a 3 percent dip in India’s overall merchandise shipments, as per Commerce Ministry data. Key exports to the Netherlands included petroleum products, electrical goods, chemicals, and pharmaceuticals, with petroleum products alone accounting for $14.29 billion.
India’s trade surplus with the Netherlands rose significantly to $17.4 billion from $13 billion in the previous fiscal year. India’s exports to the Netherlands increased by 3.5 percent, reaching $22.36 billion compared to $21.61 billion in 2022-23. This marks a substantial rise from $12.55 billion in 2021-22 and $6.5 billion in 2020-21. Exports to the Netherlands have been growing steadily since 2000-01 when they were at $880 million.
Trade experts attribute this growth to the Netherlands’ strategic position as a European hub with efficient ports and connectivity. Mumbai-based exporter Sharad Kumar Saraf noted that the trend of increasing exports is likely to continue, highlighting the Netherlands as a crucial gateway to Europe.
Despite a slight dip in bilateral trade to $27.34 billion in 2023-24 from $27.58 billion in 2022-23, the Netherlands remains a key European trading partner for India. The Netherlands is also a significant investor in India, contributing about $5 billion in foreign direct investment during the last fiscal year, up from $2.6 billion in 2022-23. Over 200 Dutch companies, including Philips and DSM, operate in India, while major Indian firms like TCS and Infosys have a substantial presence in the Netherlands.
