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External Sector 91

Figure 5: Agricultural Exports (US$ Billion)

Growth of 17.7%

41.9
39.1 38.9 39.2 Growth of 23.2%
35.6
32.8 33.7
31.0
25.2

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 Apr-Nov Apr-Nov
2020 2021(P)
Source: Department of Commerce
Note: P: Provisional
3.16 It is observed that even the segments like marine products, buffalo meat, tea, coffee and
dairy products, which had not performed well during 2020-21, have registered substantial
growth during the current year. This augurs well for further diversification and strengthening of
agricultural exports in the coming years.

3.17 United States of America (USA) remained the top export destination in April-November,
2021 followed by United Arab Emirates (UAE) and China (Figure 6). Belgium has replaced
Malaysia and entered into the top ten leading export destinations during April-November 2021,
with more than a billion dollars’ worth of pearls, precious and semi-precious stones, and iron
and steel shipped to the country.

Figure 6: Top ten Export Destinations in 2021-22 (April- November) [By Share in Per cent]

USA
2.4 2.3
2.6 UAE
2.6 18.4
2.8 China
2.8 Bangladesh
3.5 Hong Kong
5.9 6.6 Singapore

Netherland
U K
Belgium
Germany

Source: Department of Commerce

3.18 India has diversified its export destinations in last 25 years, yet more than 40 per cent of
India’s exports is still accounted by only seven countries. India has been negotiating free trade