India’s outbound shipments to four of top 10 export destinations – United Arab Emirates (UAE), the Netherlands, China, and Singapore – contracted in December last year, which led to a decline of 1 per cent to $38 billion in the country’s overall merchandise exports, data from the commerce department showed.

       Exports to China witnessed the sharpest decline at 26.15 per cent, followed by the Netherlands at 25.89 per cent, UAE at 23 per cent, and Singapore at 10.95 per cent, respectively.

       Alternatively, the US continued to remain India’s largest export market followed by the UAE, and the Netherlands, despite the December contraction. Countries that saw an uptick in exports included the United States (8.49 per cent), United Kingdom (6.13 per cent), Saudi Arabia (50.46 per cent), Bangladesh (33.58 per cent), Germany (3.85 per cent), and Australia (45.86 per cent).

       These 10 countries comprised 51 per cent of India's total value of goods exported in December 2024.

       On the other hand, in the same period, India’s overall imports witnessed 4.9 per cent growth at $59.95 billion, led by a jump in inbound shipments from five of the top 10 import destinations – China, Russia, Iraq, Switzerland, and the US.

       Also Read

       NPCI International, UAE fintech partner to enable UPI for Indian travellers

       UAE launches education campaign in Gaza under Operation Chivalrous Knight 3

       UAE president seeks collaboration with Pakistan in mining, minerals sector

       UAE healthcare sets global standards in preventive medicine: M42 CEO

       UAE foreign minister arrives in New Delhi for 15th Joint Commission Meeting

       Growth in the inbound shipments from Switzerland was the sharpest at 85.65 per cent in December, majorly driven by gold imports. It was followed by the US (9.88 per cent, China (9.14 per cent), Iraq (3.72 per cent), and Russia (0.96 per cent), the data showed.

       India’s import dependency went down in some countries including– UAE (-2.97 per cent) Saudi Arabia (-15.49 per cent), Indonesia (-19.68 per cent), South Korea (-9.28 per cent), and Singapore (-17.38 per cent).

       These 10 countries account for over 57 per cent of India’s overall merchandise imports.

       More From This Section

       Growth set to rebound, food inflation needs monitoring: RBI report

       Cabinet approves Rs 11,440 crore revival package for debt-hit RINL

       IMF retains India's economic growth outlook for FY26 and FY27 at 6.5%

       Explained: What is fiscal deficit and what it means for economic stability

       India's forex reserves fall $8.7 billion to $626 billion, hit 10-month low