India's export reliance on US grows despite diversification push

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 13 years by 7.6 percentage point, reaching a 17.7 per cent share in 2023-24 (FY24).

The share of the US in India’s total exports continuously declined from a high of 21.7 per cent in 1998-99 to a low of 10.1 per cent in 2010-11, according to India’s Department of Commerce data.

During the pandemic-impacted year of 2021-22, the export share of the US was even higher than the FY24 levels at 18 per cent. In 2022-23 (FY23), the US