India’s exports to Tanzania increased three-folds in 2022

India exports to Tanzania rose by a threefold last year mainly on account of petroleum and diesel according to official data from India.

According to available data, India’s exports have soared in the past two years on the back of robust manufacturing and an enabling policy landscape.

While India’s merchandise exports registered a record high of $417.81 billion in FY 2022, the government estimates that India will achieve an export target of $450 billion during FY 2023.

Additionally, despite the fact that the world economy is expected to slow down amidst the ongoing global headwinds and the resulting supply chain disruptions, India will only see a minor impact, avoiding a large one because of its robust domestic market and recent free trade deals with Australia and the UAE.

During FY 2023 (April-November 2022), exports stood at $295.26 billion, compared to $265.77 billion in the same period last year, recording a growth of 11 per cent.

As per a recent report by the economic think tank Global Trade Research Initiative (GTRI), India is set to achieve the highest ever export turnover in calendar year (CY) 2022.

Its total merchandise and services export turnover will be in the range of $740-750 billion. Merchandise exports are expected to be in the range of $440–450 billion, while service exports are expected to be in the range of $295–300 billion in CY 2022, as compared to $254 billion in CY 2021.

The US, UAE, Netherlands, China, Bangladesh, Singapore, Brazil, UK, Saudi Arabia, Indonesia, Germany, Hong Kong, etc. are among India’s leading export destinations.

During the April-November 2022 period, the Netherlands and Brazil leaped ahead of their previous positions on India’s list of export destinations. While the Netherlands is now India’s third-largest export destination, Brazil, which was India’s 20th largest export destination between April and October 2021, is currently in the eighth position.

The US and UAE maintained their top positions during the first eight months of FY 2023, and Indian exports also saw a diversified basket of goods and have expanded into non-traditional markets like Africa, Latin America, and the Oceania region.