Europe is the saving grace for declining Indian exports in 2023

This was driven by demand for products such as pharmaceuticals, textiles, petroleum products, engineering products, machinery, as well as chemicals, government data showed

Despite tough economic conditions, Europe provided a modest boost to Indian merchandise exports during the calendar year 2023, even as overall shipments from the country contracted.

Exports to Europe, comprising 27 European Union (EU) countries, four European Free Trade Association (EFTA) nations, and seven other countries, witnessed 2 per cent growth year-on-year (Y-o-Y) at $98 billion during 2023, while merchandise exports saw a 4.8 per cent contraction in the year.

The increase, even though modest, came even as the region was nearly hit by recession and recorded tepid economic growth.

“Indian exporters shouldn’t shy away from exporting goods to Europe,