Export destinations and goodsIndia’s strong diplomatic ties with major countries around the world have allowed for profitable trade over the years. Among the ASEAN countries, Indian exports to Singapore were the largest. The leading country receiving the largest share of Indian exports was the United States valued at about 58 billion U.S. dollars. On the other hand, the Netherlands had the highest value of Indian exports within the European Union.
India’s major exports included engineering goods, petroleum products, gems and jewelry, and drug formulations. Additionally, the value of the engineering goods exported from India was valued at over 5.6 trillion Indian rupees. Other major exports include textiles, rice, spices, tea, coffee, and tobacco in agriculture, along with iron and steel.
Restriction on exportsAlthough being the world’s third-largest wheat producer, India has imposed restrictions on wheat exports in global markets. The restriction was imposed because of damage to wheat crops caused by strong heatwaves. This posed a threat to India's food security compounded by a surge in wheat prices due to the Russia-Ukraine war.
Just days after banning wheat exports, the Indian government restricted the export of sugar globally. Despite being the second-largest sugar producer globally, to keep prices in order, the sugar exports would be limited to 10 million tons for the marketing season. Only sugar mills and dealers with special authorization from the government will be able to export sugar until October 2022. The rising inflation has impacted consumer sentiment both in rural and urban India.