India’s exports are entering new markets, venturing into uncharted territories in Africa, Latin America, and Central Asia. This expansion is mainly caused by a surprising surge in exports of cars, motorcycles, and precious metals, highlighting a strategic shift beyond the traditional commodities like textiles and spices.
India’s export growth story is about more than just established exporters. Absolutely new markets, previously uncharted by Indian exports, have witnessed a significant influx of $234 million worth of goods, including cars, two- and three-wheelers, and precious metals, during the April-December 2023 period. This translates to a 5% growth in exports for key sectors.