Hi-Fella Insights

Unveiling India Export Landscape

India has emerged as a formidable force in the global export market, showcasing robust growth across various sectors. Spearheaded by key industries such as information technology, textiles, pharmaceuticals, and agriculture, the country has cemented its position as a significant player in the international trade arena. This analysis delves into the intricacies of India’s export landscape, shedding light on the trends defining its trade relations with major partners such as the United States, the UAE, and China. Amidst the promising opportunities that abound, the nation grapples with a spectrum of challenges, ranging from intricate trade policies to logistical intricacies and evolving market dynamics. Furthermore, a critical examination of the contribution of Indian exports to the nation’s GDP reveals the profound impact of this sector on India’s overall economic growth trajectory. Explore the diverse world of Indian exports, from software and textiles to agriculture and pharmaceuticals, and understand how they influence the global economy.

In fiscal year 2023, India’s top export sectors were diverse, with engineering goods leading the way, valued at over 8.5 billion Indian rupees. These goods included products made from iron and steel, non-ferrous metals, industrial machinery, and automobiles, among others. Additionally, ready-made garments, cotton yarn, fabrics, made-ups, and handloom fabrics were prominent contributors, valued at 1,299 and 877 billion Indian rupees, respectively. The pharmaceutical industry also played a substantial role, with organic and inorganic chemicals and drugs and pharmaceuticals valued at 2,435 and 2,040 billion Indian rupees, respectively. Furthermore, agricultural exports like rice and marine products held their ground, valued at 896 and 649 billion Indian rupees, respectively.

These figures showcase the diversity of India’s export portfolio, with strengths in both traditional sectors like textiles and rapidly growing industries like pharmaceuticals. The engineering goods sector stands out as a major contributor, reflecting India’s expertise in manufacturing and engineering. These sectors collectively contribute significantly to India’s economic growth and its position as a key player in the global export market.

India’s export destinations in 2023 were led by the United States, which received approximately $71.2 billion worth of Indian goods. The United Arab Emirates (UAE) followed closely at $25.4 billion, serving as a significant hub for re-exports and importing a diverse range of Indian products. China, with $23.1 billion in imports from India, has become an increasingly important trade partner, dealing in a wide array of goods, including raw materials, consumer products, and IT services. Bangladesh and Hong Kong also featured prominently in India’s export landscape, with $14.1 billion and $11.2 billion in Indian imports, respectively.

These trends underscore the critical importance of these trading partners in India’s global export strategy. The United States and the UAE have specific niches, such as IT and re-exporting, while China’s broad spectrum of imports indicates its growing role in India’s trade dynamics. Bangladesh and Hong Kong further contribute to India’s diverse export portfolio, cementing its position as a formidable player in the global trade arena.

In 2022, India’s exports of goods and services accounted for 22.45% of its GDP, highlighting the substantial role of exports in the country’s economic activity. In 2021, India ranked as the 6th largest economy globally in terms of GDP, underscoring its economic prowess. Additionally, it was the 14th largest exporter and 11th largest importer in the world. However, in terms of GDP per capita, India ranked 137th, indicating disparities in income distribution. 

Moreover, India’s economy ranked 41st in complexity according to the Economic Complexity Index (ECI), suggesting a diverse economic landscape with a mix of industries and trade capabilities. These statistics emphasize the vital contribution of exports to India’s GDP, its position as a major global player in trade, and the potential for further economic growth and development.

In 2023, the Indian exports industry faces a multitude of challenges that impact its competitiveness and efficiency. Among these challenges are infrastructural constraints, with inadequate facilities in ports, airports, and logistics leading to delays and additional costs. Exporters grapple with a complex regulatory environment, navigating various laws and compliance requirements, including customs and foreign trade policies. Fierce competition from countries with lower labor and production costs adds further pressure on Indian exporters. Additionally, fluctuating currency exchange rates make it challenging to predict profits and devise long-term strategies. A shortage of skilled professionals in fields like export-import management and logistics hampers the industry’s growth potential.

To address these challenges, there are opportunities that can be harnessed. The growth of e-commerce platforms presents a new avenue for Indian exports, particularly in sectors like IT and textiles. Improving product quality and adhering to international standards can enhance competitiveness in the global market. Moreover, economic reforms such as “Make in India” and the implementation of the Goods and Services Tax (GST) aim to simplify business processes and stimulate export growth.

This examination of challenges and opportunities highlights the need for strategic measures and investments to bolster India’s export industry, ensuring its continued success in the global trade landscape.

Unlock a world of Indian resources by joining Hi-Fella, an online platform where suppliers and buyers meet internationally. Start exploring Hi-Fella website, downloading Hi-Fella app on Play Store or App Store, and signing up for an account for an immersive journey into the rich tapestry of India’s vibrant culture, history, and diverse resources. Join us now!

About Author

Nadhifa Syafiera

Nadhifa Syafiera

Weaving realism and surrealism in a piece of paper with her quill.

Leave a Reply

Other Article

The Intersection of Religion and International Business: Understanding Pope Leo's Influence
The Intersection of Religion and International Business: Understanding Pope Leo's Influence
In today’s global marketplace, business decisions are shaped by a complex web of economic, political,...
Read More
Pope Leo’s Emphasis on Social Justice: Implications for Corporate Governance and ESG Reporting Pope Leo XIII might not be the first name that comes to mind when thinking about supply chains, board structures, or ESG metrics—but perhaps he should be. In 1891, with the encyclical Rerum Novarum, Pope Leo XIII became one of the earliest modern figures to articulate a systematic philosophy of social justice grounded in dignity, fairness, and responsibility within economic life. Over a century later, his message is finding surprising resonance in boardrooms, compliance frameworks, and ESG reports. As global businesses, particularly those operating across borders in the export-import arena, face mounting scrutiny over how they treat workers, engage communities, and protect the environment, the principles championed by Pope Leo offer more than ethical guidance. They offer a blueprint for long-term, resilient corporate governance. Revisiting Rerum Novarum: The Origins of Modern Social Doctrine Issued in response to the harsh conditions of the industrial revolution, Rerum Novarum—Latin for “Of New Things”—was Pope Leo XIII’s response to capitalism’s rapid evolution. The encyclical didn’t condemn free markets outright but warned against the dehumanisation of labour and unchecked industrial power. Its key tenets included: The right to private property, balanced by the obligation to use it responsibly. The dignity of labour and the necessity of a living wage. The importance of trade unions and collective bargaining. The role of the state in protecting vulnerable populations. A critique of both unregulated capitalism and radical socialism. In effect, Leo XIII laid out a social framework that prioritised human dignity over profit maximisation. And while this doctrine was originally written for a 19th-century Europe grappling with mechanisation and urban poverty, its philosophical architecture is highly relevant to today’s conversations on Environmental, Social, and Governance (ESG) standards. From Papal Doctrine to ESG Standards: The Bridge ESG has become the de facto language for expressing how corporations manage risks and opportunities beyond traditional financial metrics. But at its core, ESG is about values translated into systems: how we treat people, how we steward resources, and how we design institutions to be accountable. In this context, Pope Leo’s teachings become not only compatible with ESG but foundational to it. Consider the thematic overlap: Social justice aligns with Social (S) in ESG, covering labour conditions, employee wellbeing, and equitable supply chains. Ethical use of property aligns with Governance (G), touching on shareholder responsibility, executive accountability, and ethical decision-making. Concern for the common good parallels Environmental (E) imperatives, especially the long-term view of sustainability and stewardship. This is particularly relevant for multinational export-import players who straddle jurisdictions, labour regimes, and supply chains that often include both highly regulated markets and vulnerable geographies. Corporate Governance: A New Moral Imperative Corporate governance is no longer just about fiduciary responsibility and compliance checklists. Boards are now expected to think critically about systemic risks—climate, inequality, supply chain fragility—and to embed values into business models. This is where Pope Leo’s influence becomes strategically significant. His emphasis on subsidiarity, a principle later elaborated in Catholic social teaching, holds that decisions should be made at the lowest competent level. Applied to corporate governance, this suggests empowering local suppliers, decentralising certain ESG strategies, and trusting community-rooted partners rather than imposing top-down mandates. For export-import firms, especially those operating in developing economies, this governance model encourages: Partnering with local stakeholders on environmental and social policies. Ensuring board diversity includes voices with on-the-ground operational or social insight. Establishing ethical trade committees that go beyond legal compliance into moral accountability. A good example comes from Unilever, which embedded sustainability goals directly into board oversight mechanisms, giving ESG performance equal weight to traditional financial KPIs. This approach reflects not just smart governance but the moral sensibility that Leo XIII envisioned—a business accountable not only to shareholders but to society at large. Social Justice in Supply Chains: From Ethics to Action One of Pope Leo’s most striking contributions was his insistence on a “living wage”—a concept that remains radical in many parts of the world. Today, the globalised supply chain continues to struggle with this legacy. From textile factories in Bangladesh to cobalt mines in the Democratic Republic of Congo, millions of workers form the backbone of export-import networks, yet live on precarious wages with minimal protections. ESG reporting frameworks such as the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) now require disclosure of workforce conditions, safety, gender pay gaps, and forced labour risk. These aren’t just regulatory pressures—they're extensions of the same ethical imperative Leo XIII articulated: the dignity of work and the rights of workers. For global firms, this means: Auditing suppliers for not only compliance but dignity—ensuring workers have safe conditions, fair pay, and voice mechanisms. Moving from reactive CSR donations to proactive value-chain transformation. Embracing long-term contracts with suppliers that reward ethical practices over lowest-cost bids. Apple, for instance, began publishing annual supply chain responsibility reports in the 2010s, and while not perfect, the move to public accountability mirrors the moral transparency that Pope Leo would consider essential in any economic structure. ESG Reporting: The Shift From Optics to Substance Pope Leo XIII warned against philanthropy as a substitute for justice. Today, businesses are often accused of “greenwashing” or “social-washing”—presenting ESG initiatives as branding exercises rather than embedded values. This is where his legacy offers a potent corrective. True ESG alignment demands that social impact is not confined to a side office in marketing, but woven into procurement strategies, capital allocation, and product development. To do this effectively, companies must move beyond disclosure to deliberation: What ethical lens do we use when selecting markets or partners? How are decisions about automation, relocation, or workforce reduction made—and who benefits? Does our ESG data reflect lived realities, or merely pass the materiality test? The EU’s Corporate Sustainability Reporting Directive (CSRD), set to impact over 50,000 companies by 2026, moves toward this deeper integration by requiring not just narrative sustainability reports, but auditable, standardised ESG data. Firms that fail to build internal ESG data systems now will face reputational and regulatory penalties soon. Investor Sentiment and Catholic Social Ethics Interestingly, investor behaviour is also converging with Leo XIII’s ethics. Impact investing, faith-based investing, and ESG screening are no longer niche. According to the Global Sustainable Investment Review, global sustainable investment reached $35.3 trillion in 2020, accounting for more than a third of total assets under management. Faith-aligned investment groups, including Catholic institutions managing multi-billion-dollar endowments, increasingly exclude companies that violate labour rights, degrade ecosystems, or operate in high-conflict zones. Pope Leo’s social vision now directly influences capital flows. Export-import players hoping to attract institutional investors must demonstrate more than quarterly earnings—they must articulate how their operations align with justice, stewardship, and human dignity. These are not soft values; they are becoming capital differentiators. The Strategic Advantage of Moral Clarity It’s tempting to see ESG as a chore, an imposition from regulators and activist investors. But Leo XIII saw something deeper: that systems built without moral clarity eventually become unstable. Whether it’s collapsing supply chains during a pandemic, extreme weather disrupting logistics, or social unrest in response to inequality, businesses today are paying the price for ignoring the societal context in which they operate. For those in export-import—where interdependence, visibility, and velocity define competitive advantage—moral clarity is not just a compass. It’s a risk management tool. Embracing the social justice principles articulated by Pope Leo XIII is not about religious observance. It’s about recognising that every contract, every shipment, and every business decision takes place in a moral landscape. Companies that map that terrain wisely will build trust, attract capital, and sustain value in a turbulent century. Final Thought: The Long View Matters Pope Leo XIII understood that economic systems shape souls, not just markets. As ESG matures from a trend to a global standard, his insistence on dignity, justice, and moral economy becomes increasingly relevant. Businesses that embrace this long view—treating social responsibility as governance, not charity—will not only report better metrics. They’ll build more enduring, ethical, and ultimately profitable operations. Join Hi-Fella Today! As Pope Leo’s enduring emphasis on social justice gains renewed relevance in today’s ESG-driven business landscape, export-import companies must rise to the challenge of aligning profit with purpose. Hi-Fella supports this shift by connecting you with ethically aligned partners, offering transparency tools to enhance ESG reporting, and enabling responsible sourcing across global markets. Whether you're aiming to meet new governance standards or build a supply chain that reflects your values, Hi-Fella empowers you to trade responsibly while staying competitive in a world where ethics and economics go hand in hand.
Pope Leo’s Emphasis on Social Justice: Implications for Corporate Governance and ESG Reporting
Pope Leo XIII might not be the first name that comes to mind when thinking about supply chains, board...
Read More
UK Wildfires Highlight Climate Risks: What Businesses Should Consider
UK Wildfires Highlight Climate Risks: What Businesses Should Consider
Wildfires in the United Kingdom were once a statistical rarity, relegated to the heathlands and moorlands...
Philippines 2025 Elections: Implications for Foreign Investors and Trade Policies
Philippines 2025 Elections: Implications for Foreign Investors and Trade Policies
In May 2025, the Philippines will hold its midterm elections—a political event that may not grab global...