India’s exports to the United States have shown remarkable growth over the past three decades, solidifying the US as one of India’s largest trading partners. According to the latest trade report for FY24, here are the key insights and trends:

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Key Highlights

1. Export Growth:
   • India’s exports to the US reached $77.5 billion in FY24.
   • The compound annual growth rate (CAGR) over the last 30 years stands at 10.3%.
2. Historical Trends:
   • Before FY 2000, India’s export growth to the US outpaced its total export growth.
   • A significant slowdown occurred following the 2008 global financial crisis, but recovery began post FY10 with consistent growth.
3. Market Significance:
   • The US contributed 18% of India’s total exports in FY24.
   • This figure marks an increase from 16.4% in FY92 but remains lower than the peak of 22.8% in FY00.
4. Industry Dependence:
   • Several Indian industries rely heavily on the US market, with over 30% of their turnover linked to exports to the US:
     • Drugs and Pharmaceuticals
     • Pearls and Precious Stones
     • Telecom Instruments
     • Ready-Made Garments
5. Top Export Commodities (FY24):
   The top five export commodities accounted for 40% of India’s total exports to the US:
   • Drugs and Pharmaceuticals
   • Pearls and Precious Stones
   • Petro Products
   • Telecom Instruments
   • Ready-Made Garments
6. Diversification:
   • The report underscores the need for market diversification to reduce risks associated with over-dependence on a single country, particularly amid shifting geopolitical dynamics.
7. Long-Term Trends:
   • Export growth trends mirror the broader economic reforms initiated in 1991, which paved the way for India’s increased global trade.

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Key Data Table

Metrics	Values
Total Exports to the US (FY24)	$77.5 billion
CAGR (30 Years)	10.3%
US Share in Total Exports (FY24)	18%
US Share in Total Exports (FY92)	16.4%
US Share in Total Exports (Peak – FY00)	22.8%
Top 5 Export Commodities	Drugs & Pharma, Pearls, Petro Products, Telecom, Ready-Made Garments
Share of Top 5 Exports	40%
Industry Turnover Reliance on US	>30%

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Conclusion

India’s export growth to the US has been a significant success story over the past three decades. While the US continues to be a key market, the need for export diversification remains critical to mitigate risks arising from global economic and geopolitical changes.