The United Kingdom pipped China as the fourth-largest market for Indian goods in the first six months of the fiscal for the first time since 2016, according to a data released on October 16. Singapore is closing the gap with China, the data showed. In 2023-24, India’s exports to the UK were 29 percent lower than that of its neighbour, while goods outflow to Singapore was 16 percent lower. Exports to Singapore are now just 6 percent lower than China’s, whereas the shipments surged 5.8 percent for the UK. In 2021-22, India’s exports to China were almost double that of exports to Singapore and the UK. In the first six months of fiscal 2024-25, India’s exports were 9.4 percent lower compared with the year-ago period. On the other hand, exports to the UK were 12.2 percent higher year-on-year. Singapore recorded a 2.2 percent growth in exports.
