Trade Watch April-June (Q1) FY25

TRADE WATCH
QUARTERLY

April-June1 (Q1) FY25

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Executive Summary
The impact of international trade on development outcomes have intensified as it
has been proven that cross border trade is correlated with rising living standards and
poverty reduction1.
India’s trade landscape is rapidly evolving in response to global challenges and
opportunities. In this context, the Trade Watch Quarterly Report Q1’FY25 offers a
comprehensive analysis of India’s trade performance, assessing trade dynamics,
identifying potential sectors and key markets while also analysing the impact of
geopolitical tensions.
India’s total trade in H1 2024 reached $576 billion. However, the current account
balance shifted to a $9.7 billion deficit (1.1% of GDP) this quarter from US$ 8.9 billion
(1% of GDP) in Q1’FY24, driven largely by a widening merchandise trade deficit2.
The report highlights the resilience of India’s aggregate trade performance, which
depicts stability and a modest y-o-y increase. Imports in this quarter were primarily
driven by mineral fuels and electrical machinery, accounting for about 56%, while
exports mainly consist of mineral fuels and natural & cultured pearls, making up
approximately 45% with trade to top markets (15 countries) remaining stable.
India exhibits Trade Intensity Index (TII) score of greater than 1 with 84 countries
which accounted for 67% of its exports in 2023. Moreover, India shows a comparative
advantage (RCA > 1) in 43 commodities—representing 40% of global imports —which
constitute 68.2% of its goods export portfolio. The report also analyses commodities at
the HS-6 level to provide insights into potential product markets.
Finally, it identifies geopolitical opportunities and challenges posed to India’s trade
and particularly examines the potential impact of the Carbon Border Adjustment
Mechanism (CBAM).

1 https://www.wto.org/english/blogs_e/data_blog_e/blog_dta_24apr24_e.htm#:~:text=Increased%20trade%20
has%20coincided%20with,17%20to%2032%20per%20cent.
2 https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=58783

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Trade Watch April-June (Q1) FY25

ADVISORY BOARD

S. No. Board Member Affiliation

1 Harsha Vardhana Singh Former Executive Director, Brookings India

2 Santosh Kumar Sarangi Additional Secretary & Director General, DGFT

3 Pravin Krishna Professor, Johns Hopkins University

4 Rupa Chanda Director, UNESCAP

5 Deepak Mishra Director and Chief Executive, ICRIER

6 Rakesh Mohan Joshi Professor and Chairperson, IIFT, Delhi

7 Arpita Mukherjee Professor, ICRIER

8 James J. Nedumpara Professor and Head, Centre for Trade and

Investment Law (CTIL)

9 Pritam Banerjee Professor and Head, Centre for WTO Studies

10 C Veeramani Director, Centre for Development Studies

11 Sanjay Kathuria Visiting Senior Fellow, CSEP

12 Biswajit Nag Professor, IIFT

13 Debashis Chakraborty Professor, IIFT, Kolkata

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 Trade Watch April-June (Q1) FY25

HIGHLIGHTS
1. India’s total trade in H1 2024 experienced a 5.45% y-o-y increase compared to 2023.
2. Merchandise imports showed consistent growth, with Q1 FY25 exports rising by
5.95% to $110 billion and imports increasing by 8.40% to $173 billion, leading to a
growing trade imbalance.
3. In Q1 FY25, Indian iron and steel exports experienced a massive decline (33%)
primarily due to weak domestic demand and excess capacity in China which
resulted in an oversupply of steel in the global markets.
4. In Q1 FY25, North America accounted for 21% of India’s exports, followed by the EU
at 18.61%. Imports were largely from Northeast Asia, West Asia (GCC), and ASEAN,
making up 51% of total imports.
5. During Q1 FY25, export growth to FTA partners was notably strong at 12%, while
import growth from these partners was 10.29%.
6. India’s Trade Intensity Index (TII) > 1 with 84 countries, representing 38.82% of
global GDP, and 67% of India’s exports, underscores its strong global trade ties.
7. India shows a comparative advantage (RCA > 1) in 43 commodities—represent 40%
of global import and constitute 68.2% of merchandise exports.
8. In 2023, India’s exports accounted for 1.71% of global imports. It captured only 9.61%
of the most widely demanded commodities, which represent 68% of the global
import basket.
9. In 2023, among 7 emerging economies, India’s share in world exports was better
than its peers in mineral fuels and products, natural and cultured pearls and
pharmaceutical products.
10. Several labour-intensive sectors such as natural and cultured pearls, lac, gums and
resins, manmade filaments and articles of leather have seen a decline in India’s
share in global exports in the recent years as compared to 2015.
11. India’s share in global services exports has more than doubled, reaching
approximately 4.6% in 2023 from 2% in 2005. It accounts for 10.20% of the world’s
services exports in IT services and 7.16% in other business services.

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 Trade Watch April-June (Q1) FY25

Contents
1. India’s Trade Analysis������������������������������������������������������������������������������������������������������������������������������������������������ 1

1.1. Merchandise and Services Analysis������������������������������������������������������������������������������������������������������ 1

1.2 Compositional Analysis��������������������������������������������������������������������������������������������������������������������������������� 2

1.3. Trade Direction�������������������������������������������������������������������������������������������������������������������������������������������������� 5

1.4. Regional Analysis�������������������������������������������������������������������������������������������������������������������������������������������� 6

2. Trade with FTA Partners��������������������������������������������������������������������������������������������������������������������������������������� 7

3. Scope to Leverage International Trade ����������������������������������������������������������������������������������������������������� 9

4. Does Export Comparative Advantage Play a Role��������������������������������������������������������������������������� 10

5. Mapping of India’s Exports with Global Demand�������������������������������������������������������������������������������11

6. Comparative Analysis with Emerging Economies���������������������������������������������������������������������������13

7. India’s Trade with Key Partners: Scope for Strategic Tie-ups���������������������������������������������������� 14

8. Evolving Trends in India’s Global Market Share: Fall and Rise��������������������������������������������������15

9. Is Geopolitical Turmoil Navigating Price Indices?�����������������������������������������������������������������������������17

10. Potential Risks to India’s Trade due to CBAM����������������������������������������������������������������������������������� 18

11. Recent Geopolitical Developments Affecting International Trade���������������������������������������19

12. Recent Development in India’s Trade Policy���������������������������������������������������������������������������������������21

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Trade Watch April-June (Q1) FY25

1. India’s Trade Analysis

Global growth is projected to be 3.3% in 20253, slightly higher than previous forecasts
due to unexpected resilience in the US and some large emerging markets. With
growing uncertainty, the analysis of trade performance, composition, direction and
potential sectors has much significance for policy practitioners.
India’s trade performance showed improvement in the first half of 2024 compared
to 2023. In the first half (H1) of 2024, total trade amounted to $576 billion, reflecting a
y-o-y increase of 5.45%. Exports rose by 5.41% y-o-y to reach $231 billion, while imports
grew by 5.48%, reaching $345 billion (Figure 1).

Figure 1: Trade performance in the H1 of 2024

600 5.50%
500 5.48% 5.48%
5.46%
USD Billion

400 5.45%
5.44%
300 5.41% 5.42%
200
5.40%
100 5.38%
0 5.36%
Total Trade Export Import
Jan-Jun 2023 Jan-Jun 2024
Change % (RHS)

Source: Department of Commerce, MoC&I, GOI

1.1. MERCHANDISE AND SERVICES ANALYSIS

In June 2024, merchandise exports grew modestly by 2.48% y-o-y, reaching $35
billion, while imports saw a more significant rise of 5.94%, amounting to $57 billion
(Figure 2). This trend of rising imports is consistent over a longer horizon, as reflected
in Q1 FY25, where exports increased by 5.95% to $110 billion, and imports surged
by 8.40% to $173 billion compared to Q1 FY24. This indicates a robust demand for
imported goods, contributing to a growing trade imbalance. (Figure 3)
Figure 2: Merchandise Trade (Monthly) Figure 3: Merchandise Trade (Quarterly)

60 5.94% 8% 200 10%

8.40%
50
6% 8%
2.48% 150
40
US $ Billion

5.95% 6%
US $ Billion

30 4% 100
4%
20
2% 50
10 2%

0 0% - 0%
June (EX) June (IM) Q1 (EX) Q1 (IM)

FY 2024 FY 2025 y-o-y % (RHS) FY 2024 FY 2025 y-o-y % (RHS)

Source: Department of Commerce, MoC&I, GOI

3
https://www.imf.org/en/Publications/WEO/Issues/2024/07/16/world-economic-outlook-update-ju-
ly-2024#:~:text=Global%20growth%20is%20projected%20to,is%20complicating%20monetary%20policy%20
normalization.

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 Trade Watch April-June (Q1) FY25

India’s monthly services exports have reached nearly $29 billion, marking a 3.70%
increase in June 2024, while imports, at around $15 billion, declined by 3.80%
compared to 2023. Over the longer term, in Q1 FY25, services exports grew by
10.09% to $89 billion, with imports also rising by 9.09% to $48 billion.
Figure 4: Services Trade (Monthly) Figure 5: Services Trade (Quarterly)

35 6%
3.70% 90 12%
30 10.09%
4% 80
10%
25 70 9.09%
2%
US $ Billion

US $ Billion
60 8%
20 -3.80% 50
0% 6%
15 40
-2% 30 4%
10
20
-4% 2%
5 10
- -6% - 0%
June (EX) June (IM) Q1 (EX) Q1 (IM)

FY 2024 FY 2025 y-o-y % (RHS) FY 2024 FY 2025 y-o-y % (RHS)

Source: Department of Commerce, MoC&I, GOI

1.2. COMPOSITIONAL ANALYSIS

Merchandise Exports
In Q1 FY25, the leading sectors were mineral fuels (19.96%)4, electrical machinery
and equipment (8.68%), and nuclear reactors (7.30%) (Figure 6). However, slower
export growth was noted due to significant declines in key sectors, with iron and
steel dropping by 33% and natural or cultured pearls by 3.56% (Figure 7). India’s
steel exports declined due to China’s dominance in global markets, driven by a
gradual increase in their production capacity, which lowered prices and reduced
export opportunities5.
Figure 6: Composition of Exports

Iron and steel 2.13%

Articles of iron or steel 2.14%
Cereals 2.61%
Organic chemicals 4.50%
Vehicles other than railway 4.93%
Pharmaceutical 5.29%
Natural or cultured pearls 6.63%
Nuclear reactors 7.30%
Electrical Machinery 8.68%
Mineral fuels 19.96%

0% 5% 10% 15% 20% 25%

Source: Department of Commerce, MoC&I, GOI

4
I ndia remains a substantial exporter of refined petroleum products and other mineral fuels. The primary
destinations for these exports include the Netherlands, the United Arab Emirates, and the United States.
As the global energy landscape evolves, India’s trade dynamics in mineral fuels will likely continue to adapt
to both domestic needs and international market conditions. - https://trendeconomy.com/data/h2/India/2
5
https://www.crisil.com/en/home/our-analysis/views-and-commentaries/2024/06/steel-smarting.html -
India’s steel exports declined due to China’s dominance in global markets, lowering prices and reducing
export opportunities. On the other hand, Indian steel mills have also adopted a mixed export strategy,
prioritizing the domestic market when prices were favorable, which have also contributed to the drop.

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Trade Watch April-June (Q1) FY25

Figure 7: y-o-y Q’1 Exports

Iron and steel -33%

Articles of iron or steel -0.65%

Cereals -6.66%

Organic chemicals 6.70%

Vehicles other than railway 7.71%

Pharmaceutical 11.12%

Natural or cultured pearls -3.56%

Nuclear reactors 14.86%

Electrical Machinery 16.04%

Mineral fuels 11.92%

-40% -30% -20% -10% 0% 10% 20%

Source: Department of Commerce, MoC&I, GOI

The predominant import sectors include mineral fuels (35%)6, electric machinery
(11%), natural and cultured pearls (10%) and nuclear reactors (8%). The increase
in imports was driven by a significant y-o-y rise of 30.38% in aircraft, spacecraft,
and parts, followed by a 19.60% increase in animal or vegetable fats and oils, and
a 13.96% growth in mineral fuels. On the other hand the imports growth has
remained zero for sectors such as Iron & Steel, Organic chemical and Natural or
cultured pearls.
Figure 8: Composition of Imports

Optical, photographic 1.89%

Aircraft & spacecraft 2.10%
Iron and steel 2.25%
Animal or vegetable fats and oils 2.46%
Plastic and articles 3.12%
Organic chemicals 3.87%
Nuclear reactors 8.49%
Natural or cultured pearls 9.62%
Electrical machinery 11.11%
Mineral fuels 35.25%

0% 10% 20% 30% 40%

Source: Department of Commerce, MoC&I, GOI7

6
In 2024, India’s trade in mineral fuels continues to play a crucial role in its economy. The country imports
significant quantities of mineral fuels, primarily crude oil, coal, and petroleum gases. - https://trendecono-
my.com/data/h2/India/27
7
For the purpose of this analysis, the top 10 commodities, based on their highest share exports/imports
during this quarter, were examined

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 Trade Watch April-June (Q1) FY25

Figure 9: y-o-y Q’1 Imports

Optical, photographic 9.14%

Aircraft & spacecraft 30.38%
Iron and steel 0%
Animal or vegetable fats and… 19.60%
Plastic and articles 1.14%
Organic chemicals -0.01
Nuclear reactors 8.67%
Natural or cultured pearls 0%

Electrical machinery 8.26%

Mineral fuels 13.96%

-10% 0% 10% 20% 30% 40%

Source: Department of Commerce, MoC&I, GOI

Service Exports
As of 2023, India’s share in global services exports has increased significantly,
reaching approximately from 2% in 20058. India accounts for 10.20% of the world’s
service exports in IT services and 7.16% in other business services.
Travel, transport, and financial services constitute 19.23%, 17.08%, and 8.61% of
the global export basket, respectively. However, India’s share in these categories
remains relatively low at 2.12%, 2.17%, and 1.25%, respectively (Figure 10). These
figures suggest there is significant potential for Indian service exporters to
expand their presence in major export markets such as the USA, Germany, the
UK, Ireland, Netherlands, etc. Services exports has provided a pathway for the
post-Covid recovery of India (Figure 11). If intermediate value addition in services
is captured aptly, it can help further strengthen service exports.9
Figure 10: Export share of services

24.62%
Other business services
19.23%
Travel
17.08%
Transport
13.78%
IT Services
8.61%
Financial services
2.83%
Insurance and pension services

Personal, cultural & recreational 1.57%

services
1.44%
Construction

0% 5% 10% 15% 20% 25% 30% 35% 40%

Share in World's Service Export 2023 India's share in World's Service Export 2023
Share in India's Export 2023
Source: WTO-UNCTAD estimates

8
https://www.goldmansachs.com/insights/articles/how-india-services-economy-became-a-world-leader
9
https://unctad.org/system/files/official-document/ldc2021overview_en.pdf

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Trade Watch April-June (Q1) FY25

Figure 11: Growth in Export of Commercial Services

220 216.4

200
Index value (2015=100)
180
157.5
160

140 130.0

120 104.5

100
2015 2016 2017 2018 2019 2020 2021 2022 2023
India Index World Index
Source: WTO-UNCTAD estimates

1.3. TRADE DIRECTION

Merchandise Exports
India’s exports to its top markets (USA, UAE, Netherlands, UK, China, Singapore)
remained stable, accounting for about 43% of total exports. In Q1 FY25, India saw
positive export growth in 9 out of 10 key economies. However, declines were
recorded with China (-3.30%), compared to Q1 FY24. (Figure 12)
Figure 12: India’s goods exports to major destinations

Q1 FY24 Q1 FY25 y-o-y growth % (RHS) % share in India's exports Q1'FY25 (RHS)
25 100%

20 80%
USD Billion

60%
15
40%
10
20%
5 0%

0 -20%

Source: Department of Commerce, MoC&I, GOI10

USA, UAE & Netherlands are the top importers of Indian goods, accounting for
almost 33% of the total merchandise exports (Figure 12). India’s import exposure
to its top markets (China, Russia, UAE, USA, Iraq, Saudi Arabia, and Indonesia)
remained stable, making up nearly 53% of total imports. In Q1 FY25, India recorded
significant y-o-y import growth with Russia (19.69%), UAE (35.67%), and Iraq
(27.64%), compared to Q1 FY24. However, imports saw a decline with Saudi Arabia
(-1.70%), Singapore (-1.93%), and Switzerland (-10.01%). (Figure 13)

10
 or the purpose of this analysis, the top 10 destinations were examined based on their export shares in the
F
total exports for this quarter.

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 Trade Watch April-June (Q1) FY25

Figure 13: India’s goods imports from major destinations

Q1 FY24 Q1 FY25 y-o-y growth % (RHS) % share in India's imports Q1'FY25 (RHS)
30 40%

25 30%
USD Billion

20 20%

15 10%

10 0%

5 -10%

0 -20%

Source: Department of Commerce, MoC&I, GOI11

Service Export
India’s top export and import destinations for 202112 were the USA, UK and
Singapore. Countries like UAE, Switzerland and Netherlands maintain strong
positions in service exports, reflecting their growing influence on India’s services
trade.
Figure 14: India’s service trade to major destinations, 2021

Total Services Export Total Services Import Share in total service exports 2021 (RHS) Share in total service imports 2021 (RHS)
100 25%

80 20%
USD Billion

60 15%

40 10%

20 5%

0 0%

Source: WTO-OECD Balanced Trade in Services

1.4. INDIA’S TRADE: REGIONAL ANALYSIS

India’s exports are primarily directed towards North America, the EU, West Asia
(GCC), and ASEAN, while imports mainly come from Northeast Asia, West Asia
(GCC), and ASEAN.
In Q1 FY25, North America accounted for about 21% of India’s exports, followed
by the EU with 18.61% which has shown a growth rate of 11.26% and 12.33%,
respectively. However, export slowdowns were observed in Northeast Asia (share
in India’s merchandise export 7.6%) and West Africa (share in India’s merchandise
export 2.6%). (Figure 15)

11
 or the purpose of this analysis, the top 10 destinations were examined based on their import shares in the
F
total imports for this quarter.
12
For bilateral service trade latest data available is for the year 2021.

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Trade Watch April-June (Q1) FY25

Figure 15: Region-Wise y-o-y (%) Q’1 Goods Exports growth

East Africa
-8.70%
West Africa 22.74%

Latin America -3.73%

Other European Countries 5.55%

South Asia 7.62%

NE Asia -6.12%

ASEAN 10.73%

West Asia- GCC 12.83%

EU Countries 12.33%

North America 11.26%

-10% -5% 0% 5% 10% 15% 20% 25%

Source: Department of Commerce, MoC&I, GOI

The Asian region, particularly Northeast Asia, West Asia (GCC), and ASEAN, is a key
source of India’s imports in Q1 FY25, accounting for nearly 51% of total imports. In
Q1 FY25, imports from East Asia (Oceania), the European Free Trade Association
(EFTA), and the EU contracted, while imports remained strong from ASEAN,
suggesting that FTAs have facilitated more liberalized trade flows.
Figure 16: Region-Wise y-o-y (%) Q’1 Goods Import growth

-19.76%
East Asia (Oceania)

EFTA -9.43%

Latin America 7.27%

Other West Asia 15.90%

North America 4.70%

EU Countries -7.97%

Other CIS Countries 20.56%

ASEAN 10.87%

West Asia- GCC 18.57%

NE Asia 7.46%

-20% -10% 0% 10% 20% 30%

Source: Department of Commerce, MoC&I, GOI

2. Merchandise Trade with FTA Partners

In Q1 FY25, exports to FTA partners grew by 12%, while imports grew by 10.29%. Export
growth was strong with ASEAN, UAE, Singapore, Malaysia, Sri Lanka, and Mauritius,
while imports surged from ASEAN, UAE, and South Korea. Despite exports to Mauritius
and Singapore, imports from Mauritius (-34.21%) and Singapore (-1.93%) declined.

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 Trade Watch April-June (Q1) FY25

Figure 17: Exports- FTA Countries

Q1 FY24 Q1 FY25 y-o-y change in Q1'FY25 over Q1'FY24 % (RHS)

12 140%
120%
10
100%
USD Billion

8 80%
60%
6
40%
4 20%
0%
2
-20%
0 -40%

Source: Department of Commerce, MoC&I, GOI

Figure 18: Imports- FTA Countries

Q1 FY24 Q1 FY25 y-o-y change in Q1'FY25 over Q1'FY24 % (RHS)

25 40%

20
20%
USD Billion

15
0%
10
-20%
5

0 -40%

Source: Department of Commerce, MoC&I, GOI

India’s efforts to enhance bilateral FTAs now include a component of the services
sector. Some of the key measures aimed at boosting service exports are as follows:

Few Measures taken by India to Strengthen Bilateral Service Exports

• India-UAE CEPA: UAE is the third largest trading partner and second largest export
market for India. Signed in 2022, this agreement provides Indian service providers the
opportunity to export 100 out of 160 service sub sectors and UAE has offered to export 111
out of 160 subsectors to India.13 These broadly include services across financial, insurance,
tourism business and construction.
• India-EFTA Trade and Economic Partnership Agreement: Signed on March 2024 with
comprising Switzerland, Norway, Iceland, and Liechtenstein, this agreement focuses on
enhancing the trade in financial, telecommunications, insurance and banking services.14
• India Australia Economic Cooperation and Trade Agreement: Signed in 2022, this
agreement provides the opportunity to export 135 service sub sectors and Australia has
offered to export 103 subsectors to India. Broadly, these sectors range from business services,
communication services, construction and related engineering services and so on.15

13
https://pib.gov.in/PressReleasePage.aspx?PRID=1921222#:~:text=CEPA%20is%20a%20full%20and,Mo-
hamed%20bin%20Zayed%20Al%20Nahyan.
14
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2013169
15
https://www.pib.gov.in/PressReleasePage.aspx?PRID=1887259

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Trade Watch April-June (Q1) FY25

3. Scope to Leverage International Trade

India’s Trade Intensity Index (TII)16 score is greater than 1 with 84 countries, which
captures 38.82% of the world GDP, and 67% of India’s exports. There is still scope to
form trade partnerships with countries accounting for 60% of the world GDP.
India holds a Revealed Comparative Advantage (RCA)17 > 1 in 43 commodities, accounting
for 68.2% of its export basket and nearly 40% of global demand. With a strong comparative
advantage (RCA ≥ 4) in four labour-intensive sectors - cotton, carpets, lac & gums, and
lead - there is a need to align policies to increase exports for these products.
Table 1: Massive scope to leverage International Trade

TII TII>1 TII<1 RCA RCA>1 RCA<1

84 43
No. of
No. of (Share in (39.73%
138 Commodities = 97 54
Countries (222) world GDP share in world
(HS 2)
~38.82%) imports)
Share in
Share in India’s
India’s Export 67% 33% 68.2% 31.8%
Export
Basket

Source: Department of Commerce, MoC&I, GOI

India shows a relatively strong RCA in IT and other business services (RCA>1). Notably,
other business services and IT services also held substantive shares in World’s service
export in 2023. The expansion in other business services has mainly been fueled by
sectors like business and management consulting, public relations, engineering
services, advertising, trade fair services, and various technical services, including
scientific and space-related services.18
Figure 19: Services: Revealed Comparative Advantage (RCA) for 2023

3.0 30%
2.40
2.5 24.62% 25%
2.0 1.68 17.08% 19.23% 20%
RCA Share

1.5 15%
13.78%
0.83 0.80 8.61%
1.0 10%
0.51 0.50
0.5 1.44% 0.34 0.29 5%
1.57% 2.83%
0.0 0%
IT Other Construction Personal, Transport Travel Insurance and Financial
business cultural, and pension
recreational

RCA 2023 Share in World's Service Export 2023 (RHS)

Source: UNCTAD

16
 he trade intensity index (TII) is used to determine whether the value of trade between two countries is
T
greater or smaller than would be expected on the basis of their importance in world trade. It is defined as
the share of one country’s exports going to a partner divided by the share of world exports going to the
partner.
17
A country is said to have a revealed comparative advantage (RCA) in a given product i when its ratio of ex-
ports of product i to its total exports of all products exceeds the same ratio for the world as a whole. If RCA
takes a value greater than unity, the country has a revealed comparative advantage in that product.
18
https://www.indiabudget.gov.in/economicsurvey/doc/echapter.pdf

9
 Trade Watch April-June (Q1) FY25

4. Does Comparative Advantage play a critical role?

India’s export performance reveals a divergence across commodities: low RCA
commodities performed well, while weak and medium RCA commodities stagnated,
necessitating targeted policy support.
At aggregate level (HS- 2 digit), 54 commodities with lower comparative advantage
(0 < RCA ≤ 1) have performed better in this quarter. Exports in these commodities
increased by 11.77% YoY in June 2024 and 12.38% during the April-June 2024 period,
contributing 32% to total exports. (Figure 20)
In contrast, there are 25 commodities with weak comparative advantage (1 < RCA ≤
2), but where 45% of commodities are present and have faced a significant 4.11% YoY
decline in June 2024. The contraction suggests sectoral vulnerabilities, potentially due
to global trade tensions or domestic challenges.
Medium comparative advantage (2 < RCA ≤ 4) in 14 commodities exhibited tepid
growth, with a 1.36% increase in June 2024 and 4.58% over the April-June period,
representing 21% of total exports.
Strong comparative advantage (4 < RCA) in 4 commodities (Cotton, Carpets, Lac &
gums, Resins and Lead and Articles thereof) remained resilient, with exports growing
by 11.96% during the April-June period, yet they constitute only 2% of the total
exports. This growth underscores the robust performance of India’s labour-intensive
manufacturing. However, the limited number of these high-RCA commodities
suggests a strategic imperative to diversify and expand India’s export portfolio.
Figure 20: Growth performance of exports of potential products

16 50%
45%
12 40%
y-o-y Growth (%)

8
32% 30%
Share (%)

4
21% 20%
0
0<RCA≤1 1<RCA≤2 2<RCA≤4 4<RCA
-4 10%

2%
-8 0%

Jun'24 Apr-June'24 Share (RHS)

Source: Department of Commerce, MoC&I, GOI & NITI’s own calculation

At dis-aggregate level analysis (HS-6 digits), 4422 commodities constituting 68% of

the world’s imports, but India’s export share is only 0.26% of the world’s demand as
illustrated in Table 2. On the other hand, although these 434 commodities make up
just 2.9% of global imports, India captures a significant 18.53% share of exports in these
products. India has to strengthen its position in broader global markets (where its
presence is currently low) while maintaining its competitive edge in niche segments.
(Table 2)

10
Trade Watch April-June (Q1) FY25

Table 2: India’s Exports Presence in Global Demand

Average Share 2023 (US$

Particulars Share % in 2023 2023
% (2019-2023) billion)

India’s Export
India’s export India’s World’s
Number of India’s World’s Share %
Category share in World’s Export Import
6HS items Exports Imports in World’s
import Basket Basket
Import
Category 1 Less than 1% 4,422 41.52 16,005.47 9.61 67.99 0.26
Between 1% -
Category 2 1,389 135.91 5,299.28 31.46 22.51 2.56
5%
Between 5% -
Category 3 384 127.87 1,553.33 29.6 6.6 8.23
10%
Category 4 More than 10% 434 126.68 683.76 29.33 2.90 18.53
Total of the
6,629 431.98 23,541.84 100 100 1.71
above
Source: ITC Trade Map & NITI’s own calculation

5. Mapping of India’s Exports with Global Demand

This section maps India’s supply of major export products to that of the top three
exporting countries in each category for their exports utilizing yearly data of 2023. This
analysis highlights trade patterns in India’s exports that can inform strategy. (Table 3).
The USA is a critical market across all product categories followed by UAE and
Netherlands. China is the main competitor in several key product categories
highlighting the need for India to enhance competitiveness in these products. India
has a solid foothold in developed markets like the USA, UK, and Germany, across top
product categories but there are opportunities to explore emerging markets.

Table 3: Mapping of India’s Supply with Leading Exports and their Prime Destinations, 2023

Supply Side Demand Side

Share of
Country’s
product Leading global
share in
India’s top category in exporter in Top destinations of
India’s exports
export India’s total respective leading global exporter
of respective
destinations exports to product world in respective Product
product
respective market
category
country
Minerals fuels & products
Mexico (13.9),
Netherlands 16.8 64.9 USA (10.2) Netherlands(9.5), Canada
(8.9)
China (21.5), Netherlands
UAE 8.4 22.6 Russia (8.2)
(15.8), Germany (5.8)
China (17.3), Japan (12.2),
USA 7.3 8.6 Saudi Arabia (8)
South Korea (11)

11
 Trade Watch April-June (Q1) FY25

Supply Side Demand Side

Share of
Country’s
product Leading global
share in
India’s top category in exporter in Top destinations of
India’s exports
export India’s total respective leading global exporter
of respective
destinations exports to product world in respective Product
product
respective market
category
country
Natural or Cultured pearls
Switzerland China (23.1), India (11.5),
USA 30.4 13.4
(14.7) Turkey (11)
China (52.3), USA (7.1), UAE
UAE 22.6 23 Hong Kong (9.4)
(6.4)
Hong Switzerland (37.7), China
21.8 83.4 UK (9.3)
Kong (22), Hong Kong (9.7)
Electrical machinery & Equipment
Hong Kong (16.9), USA
USA 30.6 13.05 China (27.6)
(13.9), South Korea (5.1)
Hong Kong China (63.6), USA (4.4),
UAE 11.2 11
(21.7) India (4)
China (27.6), Hong Kong
UK 5.3 12.77 Taipei (9.9)
(21.7), Singapore (9.9)
Nuclear reactors
USA (17.4), Hong Kong
USA 20.4 7.9 China (20)
(7.1), Russia (4.9)
USA (12.5), China (7.9),
Germany 5.2 15.8 Germany (10.7)
France (7.3)
Canada (22.6), Mexico
Singapore 4.9 11.9 USA (9.1)
(19.6) , China (5.9)
Pharmaceuticals products
USA (22.9), Netherlands
USA 35.4 10 Germany (14.3)
(9), Switzerland (6.8)
Switzerland USA (31), Germany (10.6),
UK 3 4.7
(11.9) Slovenia (6.4)
South China (11), Netherlands
2.9 7.8 USA (10.8)
Africa (9.5), Belgium (8.9)
Source: ITC Trade Map

Mineral Fuels & Products: These products constitute a significant share of exports
from India to the Netherlands. While the Netherlands is a key market for India, it’s also
a major destination for leading exporters like Russia and the USA.
Natural or Cultured Pearls: These products have a significant exports share in total
exports of India to these key markets such as Hong Kong, USA and UAE. However,
Switzerland and Hong Kong also have a solid presence in the same markets, particularly
China. India can focus on expanding its share in the growing Chinese market.

12
Trade Watch April-June (Q1) FY25

Electrical machinery & Equipment: India faces stiff competition in this sector, especially
from China, which has a much larger global share and targets similar markets (e.g.,
the USA and UAE).
Nuclear reactors: India is relatively competitive in this high-tech sector, with a
significant export presence in the USA and Germany. However, China remains the
largest global exporter.
Pharmaceutical products: India is a major player in the global pharmaceutical market,
especially in the USA. However, countries like Germany and Switzerland are also key
players, with significant market shares in the USA and other developed nations. India
should leverage its cost-effective pharmaceutical production to capture more global
demand.
Overall, by focusing on technological advancement, strategic market expansion, and
value addition, India can further enhance its global market share in these critical
industries.

6. Comparative Analysis with Emerging Economies

Table 4 compares India’s commodity share with that of its competitors in the global
market. India performs well in pharmaceutical products, cereals, and natural pearls.
Sectors like electrical machinery, nuclear reactors, and vehicles show significant
room for improvement. China is India’s leading competitor across the majority of
India’s export commodities. Brazil, Indonesia, and South Africa generally trail India
in most categories, while Malaysia and Thailand outperform India in select sectors
like electrical machinery. Understanding peer strategies could help India improve its
competitiveness in these areas.

Table 4: Comparative assessment of India’s exports with peers in Heavy-weight sectors (HS 2)

Country’s share in world’s export 2023 (%)

Commodity’s
India’s major
share in Indon- South
export India Brazil Malaysia Thailand China
world esia Africa
commodities
export’23 (%)

Cereals 0.7 6.9 9.2 0 0 0.9 3.2 0.6

Natural &
Cultured 3.7 3.9 0.5 0.9 0.4 2.3 1.7 3.6
pearls
Organic
2.1 3.9 0.4 0.6 1 0.2 0.8 15.7
Chemicals
Minerals fuels
13.6 2.8 1.7 1.9 1.6 0.4 0.3 1.9
& products
Pharmaceuticals
3.6 2.6 0.1 0.1 0.1 0.1 0.1 1.4
products
Articles of
1.6 2.6 0.5 0.4 0.7 0.3 1.4 25.8
Iron & Steel
Iron & Steel 2 2.5 3.1 5.6 1.2 1.4 0.3 14.6

13
 Trade Watch April-June (Q1) FY25

Country’s share in world’s export 2023 (%)

Commodity’s
India’s major
share in Indon- South
export India Brazil Malaysia Thailand China
world esia Africa
commodities
export’23 (%)
Nuclear
11 1.1 0.5 0.3 0.9 0.2 1.6 20
reactors
Vehicles other
8 1.1 0.7 0.6 0.1 0.7 1.8 10.3
than Railways
Electrical
Machinery & 14.9 0.9 0.1 0.4 3.4 0.1 1.4 26
Equipment
Source: ITC Trade Map

7. I ndia’s Trade with Key Partners: Scope for Strategic

Tie-ups
Table 5 illustrates the bilateral competitiveness and intensity of India’s major exports
across key sectors, emphasizing the extent to which Indian exports meet demand in
top destination markets.
India has established strong trade relationships with the USA and UAE in sectors like
minerals fuels, pharmaceutical products, and natural pearls. These sectors present
further opportunities for India to deepen trade ties and expand its market share. India
also has significant untapped potential in sectors like electrical machinery, vehicles,
and organic chemicals, especially in markets like the USA, China, and the UK.

Table 5: India’s Trade with Key Partners: Scope for Strategic Tie-ups

India’s share
Share in
Top Top Partners in total Partner’s
India’s Bila- Bila-
Commodities importing imports share in
total teral teral
in India’s commodity of top India’s
Exports RCA TII
Export Share from India destinations exports (%)
(%)
(%)

Netherlands 0.8 16.8 3.0 5.7

Minerals 20.71
fuels & UAE 15.43 8.4 5.1 34.6
products
USA 1.9 7.3 1.0 1.3

USA 13.8 30.4 4.7 6.2

Natural or 7.75
Cultured UAE 8.13 22.6 1.1 7.5
pearls
Hong Kong 6 21.8 5.0 3.6

7.49 USA 2.6 30.6 0.9 1.2

Electrical
machinery & UAE 8.8 3
11.2 0.8 5.1
Equipment
UK 3.1 5.3 1.4 1.3

USA 1.5 20.4 0.5 0.7

Nuclear 6.79
Germany 0.9 5.2 1.3 0.5
reactors
Singapore 1 4.9 0.8 1.2

14
Trade Watch April-June (Q1) FY25

India’s share
Share in
Top Top Partners in total Partner’s
India’s Bila- Bila-
Commodities importing imports share in
total teral teral
in India’s commodity of top India’s
Exports RCA TII
Export Share from India destinations exports (%)
(%)
(%)

USA 6.2 35.4 1.8 2.3

Pharmac- 4.94
euticals UK 3.4 3.0 1.4 1.3
products
South Africa 24.8 2.9 3.5 14.1

USA 0.7 12.4 0.3 0.4

Vehicles 4.83
other than Mexico 3.2 8.1 3.1 1.5
Railways
Saudi Arabia 5.1 7.9 1.0 3.9

USA 5.8 13.1 1.6 2.1

Organic 4.52
China 3 6.3 4.0 1.4
Chemicals
Netherlands 3.3 5.2 1.9 3.5

Italy 7.3 14.9 5.3 3.8

2.74
Iron & Steel Nepal 91.5 7.2 1.3 49.9

Belgium 4.7 6.0 3.4 2.7

Saudi Arabia 16.919 11.4 5.8 21.7

2.62
Cereals Iran 13.1 6.5 7.0 19.5

Iraq 13.720 6.5 4.6 18.4

USA 5.4 28.3 2.2 2.8

Articles of 2.26
UAE 10.1 5.9 0.9 6.2
Iron or Steel
Saudi Arabia 7.5 4.9 1.5 5.5
Source: ITC Trade Map

India should look to strengthen partnerships with countries where bilateral TII and
RCA are already high, such as South Africa (pharmaceuticals), Saudi Arabia and Iran
(cereals) and the UAE (multiple sectors). There’s also scope to enhance exports to
major economies like the USA and European countries by focusing on niche markets
and innovative products.

8. Evolving Trends in India’s Global Market Share: Fall and

Rise
In recent years, India’s share in global trade has fallen for labour-intensive sectors
despite significant endowment.
The trade share for natural and cultured pearls has decreased due to the scarcity of
natural pearls and the rising demand for South Sea pearls, especially in China. India’s
share in the global boneless frozen beef trade has fallen due to stagnant exports,
currency crises in key importers like Egypt, and COVID-19 disruptions.
19
Latest available data is for 2022
20
Latest available data is for 2014

15
 Trade Watch April-June (Q1) FY25

Similarly, challenges in the polyester value chain and anti-dumping duties have
lowered the share for Indian Man-made Fibre (MMF) textiles. India’s share in major
leather export markets has declined due to market instability, stiff competition, and
environmental regulations. Decreased global demand, lower cotton production, and
high prices have reduced the share for Indian cotton exports. Quality control orders and
global economic slowdowns have led to a drop in India’s textiles and apparel exports,
with certification mandates for raw materials and reduced purchasing capacity from
high inflation further impacting this decline.

Figure 21: Product categories- falling share in world trade

India's share in world exports' 15 India's share in world exports' 23 Change in India's share (2015 to 2023)- RHS
20% 0%

16% -10%

12% -20%

8% -30%

4% -40%

0% -50%
Natural or cultured

Articles of leather

Man-made staple

textile floor coverings

Man-made filaments

Other vegetable

Cotton

Zinc and articles

Pharmaceutical
Meat and edible meat

Lac; gums, resins

Articles of apparel

Articles of apparel

Raw hides and skins

Salt

Carpets and other

textile fibres
and clothing

and clothing

products
accessories

thereof
fibres
pearls

Source: ITC Trade Map

The product categories exhibiting an RCA greater than 1 and significant growth in
international trade are straw, ceramic products, electrical machinery, products of
animal origin and explosives. The export growth of ceramic has been particularly in
tiles due to a surge in shipments of sanitary ware products.21
Figure 22: Product categories- rising share in world trade

India's share in world exports' 15 India's share in world exports' 23 Change in India's share (2015 to 2023)- RHS

8% 600%
500%
6%
400%
4% 300%
200%
2%
100%
0% 0%
Coffee, tea, maté
animal origin
Ceramic products

Silk

Prepared feathers
Explosives

crustaceans
Aluminium and

Mineral fuels

Iron and steel

Edible vegetables
articles thereof
Manufactures of

Articles of stone,
Sugars
Products of

Fish and
cement etc.

and spices
& articles
straw

Source: ITC Trade Map

21
 ttps://pib.gov.in/PressReleaseIframePage.aspx?PRID=1819614#:~:text=The%20Union%20Minister%20
h
for%20Commerce,the%20achievement%20in%20a%20Tweet.&text=The%20export%20growth%20of%20
Ceramic,Tiles%20and%20Sanitary%20wares%20products.

16
Trade Watch April-June (Q1) FY25

9. Is geopolitical turmoil navigating price indices?

Following the geopolitical turmoil triggered by the war in Ukraine, the global
commodity markets have since experienced a broad based and sustained price
decline throughout 2023 and into 2024. This trend aligns with broader economic
factors, including tightened global monetary conditions, fluctuating demand, and
sector-specific supply dynamics.
The aggregate commodity price index declined by 2.3% from April 2023 to June 2024,
driven primarily by reductions in cereal, coal, and metals prices. The deceleration
in China’s economic rebound, especially in the construction sector, contributed
significantly to the softening demand for industrial metals, leading to a 3.9% decline
in the Metal Index over the same period. The Cereal Index also witnessed a notable
decline, decreasing by 26.4% from April 2023 to June 2024. The increased production
of key grains, particularly maize and soybeans, coupled with continued exports
from the Black Sea region, played a crucial role in this downward trajectory. The coal
price index, which saw a sharp drop from 242.20 in April 2023 to 185.92 in June 2024,
reflected shifting energy demand patterns as countries adjusted their energy policies
in response to evolving market conditions.
By mid-2024, the All-Commodity Index showed modest recovery observed in crude
oil prices, which rose to $200 per barrel in June 2024. However, the overall trend for
commodities in 2024 suggests a continuing moderation, particularly for industrial
metals and energy commodities. Tight global monetary conditions are expected to
persist, further weighing on construction and investment spending, particularly in
China, which continues to grapple with structural challenges in its real estate sector.
(Figure 23)

Figure 23: Price indices across key commodities

260

240

220

200

180

160

140

120

100

All commodity index APSP crude oil($/bbl) Cereal index

Coal index Metal index Precious Metals Price Index

Source: IMF

17
 Trade Watch April-June (Q1) FY25

10. Potential Risks to India’s Trade due to CBAM

The European Union (EU) is India’s second-largest trading partner. In FY2023-24, the
EU accounted for 17.4% ($76 billion) of India’s total exports. India’s export growth to
the EU (27 countries), the European Free Trade Association (EFTA) (4 countries), and
other European countries, including the UK (7 countries), was 1.45%, 0.86%, and -2.68%,
respectively. India maintains a substantial positive trade balance with the EU and
other EU countries (Figure 24).
Several studies assessing the EU’s Carbon Border Adjustment Mechanism (CBAM)
identify African and Asian countries as the most vulnerable to its effects. CBAM, aimed
at preventing carbon leakage, and will apply to high-risk imports such as cement,
iron and steel, aluminium, fertilizers, electricity, and hydrogen starting January 2026.
It requires the purchase of CBAM certificates, reflecting the carbon emissions linked
to these goods.
For India, the iron and steel industry, representing 23.5% of its EU exports, faces the
highest exposure under CBAM (Figure 25). Indian firms may incur tariffs of 20-35%,
leading to higher costs, reduced competitiveness, and lower demand in the EU
market. Additionally, compliance costs will rise due to the need for detailed emissions
reporting.

Figure 24: India’s trade with Europe region

120

100

80

60
US $ Billion

40

20

0
Import Export BOT Import Export BOT
-20 2022-23 2023-24

EU EFTA Other EU

Source: MoCI

India’s CBAM Exposure Index, currently at 0.0322, underscores the importance of

reducing the carbon footprint of its industrial goods to remain competitive in the
EU. With geopolitical shifts and a growing emphasis on sustainability, India must
implement policy measures to ensure coherence between trade and environmental
goals, aligning its long-term trade objectives with global trends.

22
https://www.worldbank.org/en/data/interactive/2023/06/15/relative-cbam-exposure-index#4

18
Trade Watch April-June (Q1) FY25

Figure 25: CBAM products export to EU (2022)

100%

Exports of Products to EU (% of
80%
76.45% 90.92% 98.88% 99.39%
total exports) 60%

40%

20%
23.55% 9.08% 1.12% 0.61%

0%
Iron & Steel Aluminium Fertilizers Cement

Exports to EU Exports to Others

Source: World Bank

11. R
 ecent Geopolitical Developments Affecting International
Trade
In 2024, the international trade landscape was heavily influenced by several significant
geopolitical developments. These events not only disrupted global supply chains but
also posed both challenges and opportunities for India’s trade relations.
(i) U.S.-China Tensions and Technology Trade Wars23
The U.S. has implemented stricter export controls and higher tariffs on Chinese goods
to limit China’s growth and expenditure towards technological progress. This has led
to a fragmentation of global supply chains, prompting multinational corporations to
seek alternatives to Chinese manufacturing. The trade war has caused increased costs
and production delays, impacting global markets.
For India, this situation presents both challenges and opportunities. On the one
hand, India has to navigate the disruptions in the global supply chain, and be wary
of China dumping its products in Indian markets. On the other hand, India is seen as
an attractive destination for companies looking to shift their manufacturing bases
out of China. This shift offers India a chance to enhance its domestic manufacturing
capabilities, particularly in high-tech industries. However, India has seen limited
success so far in capturing the China Plus One strategy so far. Vietnam, Thailand,
Cambodia, and Malaysia have become bigger beneficiaries of the strategy. Factors
such as cheaper labour, simplified tax laws, lower tariffs and proactiveness in signing
Free Trade Agreements (FTAs) have played a critical role in helping these countries
expand their export shares.24
(ii) West Asia Instability and Maritime Security25
The Middle East continues to experience heightened geopolitical tensions, with conflicts
in Syria, Yemen, and the Israel-Hamas situation posing significant risks to global
23
https://www.worldbank.org/en/data/interactive/2023/06/15/relative-cbam-exposure-index#4
24
https://sansad.in/getFile/rsnew/Committee_site/Committee_File/ReportFile/13/174/179_2023_5_12.pdf?-
source=rajyasabha
25
https://sansad.in/getFile/rsnew/Committee_site/Committee_File/ReportFile/13/174/179_2023_5_12.pdf?-
source=rajyasabha

19
 Trade Watch April-June (Q1) FY25

stability. These tensions have raised concerns about the security of key maritime routes,
particularly the Strait of Hormuz, through which a substantial portion of the world’s oil
flows. Any disruption in this region could destabilize global energy supplies, leading to
price spikes in crude oil and supply shortages. Additionally, trade routes like the Suez
Canal face the risk of delays and increased costs due to the instability in the region.
For India, the risks are multi-dimensional. A $10 per barrel increase in oil prices is
projected to worsen India’s Current Account Deficit (CAD) by 0.5% of GDP, exacerbating
inflationary pressures and further straining trade balances26. India’s dependence on
the Middle East for both energy and agricultural exports makes it vulnerable, with key
markets such as Iran for basmati rice and tea seeing sharp declines.
(iii) Economic Growth in Asia and Its Impact on Trade27
In 2024, Asia’s economic growth had a significant impact on global trade, shaping
regional dynamics. The region is projected to grow by 4.0%, with China leading
the way. China’s economy expanded by 5.2% in 2023, targeting 5% growth in 2024,
driven by fiscal policies such as monetary easing and infrastructure investments that
bolstered its manufacturing sector by 7.7% and merchandise trade by 8.7%. Other
Asian economies experienced mixed outcomes—Indonesia sustained 5.0% growth,
while Japan and South Korea saw slower expansions due to weaker exports and
tighter monetary conditions.
For India, this regional growth backdrop offers both opportunities and challenges.
After achieving 6.7% growth in FY24, India is expected to maintain robust momentum
with 6.5-7% growth in FY25, fuelled by public investment and stronger integration into
global supply chains.28

26
https://www.livemint.com/market/commodities/every-10-rise-in-brent-widens-indias-cad-by-0-5-analysts-
measure-impact-of-high-crude-prices-on-indian-economy-11694868044584.html
27
https://www.imf.org/-/media/Files/Publications/REO/MCDCCA/2024/Update/January/English/text.ashx
28
https://pib.gov.in/PressReleasePage.aspx?PRID=203497

20
Trade Watch April-June (Q1) FY25

12. Recent Developments in India’s Trade Policy

◊ Interest Equalisation Scheme: The scheme extended until September 30, 2024,
only for MSME manufacturing exporters, aims to provide identified exporters a
cheaper source of rupee credit for pre-shipment and post-shipment activities to
improve product competitiveness in international markets.29
◊ The Remission of Duties and Taxes on Exported Products (RoDTEP): The
scheme extended until September 30, 2024, aims to neutralize taxes and duties
on exported goods. Recent extensions benefits include Special Economic Zones
(SEZs), Advance Authorisation Holders, and Export Oriented Units (EOUs) aimed at
improving supply chain flexibility. 30
◊ Export Promotion Capital Goods (EPCG): Effective July 25, 2024, the scheme allows
duty-free import of capital goods aimed at building domestic capacity. It includes
an extended period for submitting Installation Certificates for imported capital
goods, a simplified composition fee structure for extending the Export Obligation
(EO) period.31
◊ Trade Facilitation: India scored 93.55% in the 2023 UNESCAP Global Survey on
Digital and Sustainable Trade Facilitation, up from 90.32% in 2021, making it the
top performer in South Asia with a score surpassing that of several developed
countries, including Canada, France, the UK, and Germany.32

◊ Trade Connect e-Platform: A single-window platform to boost international trade

for Indian MSME exporters, offering real-time trade info and resources to connect
with government and markets. The platform also facilitates the utilization of Free
Trade Agreements, promoting higher export volumes and global competitiveness.33

◊ 11th India - New Zealand Joint Trade Committee (JTC) meeting: Key areas like
hospitality (including adventure tourism), nursing, telemedicine, education, air
connectivity, joint R&D, and startups were highlighted. Service sector trade was
given a special focus, alongside streamlining regulatory and quality checks.34

◊ 5th meeting of ASEAN-India Trade in Goods Agreement Joint Committee: Held in

Jakarta from July 29 to August 1, 2024, the meeting reviewed outcomes from the
third round of negotiations on national treatment, market access, rules of origin,
trade remedies, and other trade-related issues, guiding sub-committees on key
points.35

29
 ttps://www.thehindu.com/business/Economy/interest-equalisation-scheme-for-exporters-extend-
h
ed-till-september-30/article68605675.ece#:~%20:text=to%20June%2030.-,The%20scheme%20helps%20
exporters%20from%20identified%20sectors%20and%20all%20MSME,post%2Dshi%20pment%20
rupee%20export%20credit.
30
https://www.businessgo.hsbc.com/en/article/rodtep-scheme-benefits-and-requirements-for-indian-ex-
porters
31
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2037378
32
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1938008
33
https://pib.gov.in/PressReleasePage.aspx?PRID=2053748
34
https://pib.gov.in/PressReleasePage.aspx?PRID=201940
35
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2041086

21