India – Netherland Trade Progress FY23:
i.India’s trade surplus with the Netherlands has increased from USD 8 billion in FY22 to USD 13 billion in FY23.
- The trade surplus was mainly due to an increase in the shipment of goods such as petroleum products, electronic items, chemicals, and aluminium goods.
- As per the economic think tank GTRI (Global Trade Research Initiative), ATF (aviation turbine fuel) and diesel were the key petroleum products exported from India to the Netherlands.
- Telecom equipment and smartphones (with a value of over USD 1 billion) were the largest electronic items exported.
ii.India’s exports to the Netherlands increased by about 48% to USD 18.52 billion in FY23 as against USD 12.5 billion in FY22.
iii.India’s exports to the Netherlands increased to USD 18.1 billion in 2022 from USD 5.5 billion in 2017.
iv.The Netherlands has taken over major destinations such as the UK, Hong Kong, Bangladesh and Germany.
v.The outbound shipments to the European country in FY22 and FY21 stood at USD 12.55 billion and USD 6.5 billion, respectively.
vi.The transition:
- In 2000-01, India’s exports to the Netherlands were USD 880 million, after which the exports are registering healthy growth continuously till now.
- The Netherlands was the 9th largest destination for Indian exports in FY21 and it became the 5th largest destination in FY22.
vii.As per the statement of Ajay Sahai, Director General, Federation of Indian Export Organisations (FIEO) Netherlands’ ports are very efficient and cheaper than other European ports for shipping operations.
viii.The foreign direct investment (FDI) received from Netherlands to India in FY23 (April-September 2022) was about USD 1.76 billion. It was USD 4.6 billion in FY22.
Additional info: Over 200 Indian companies, including all the major IT firms such as TCS (Tata Consultancy Services), HCL, Wipro, Infosys, Tech Mahindra as well as Sun Pharmaceuticals and Tata Steel are operating in the Netherlands.
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About Netherlands:
Prime Minister – Mark Rutte
Capital – Amsterdam
Currency – Euro (EUR)
