Indian Export and Import Trends: Diversification into Non-IT Services and Semiconductor Boom

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Indian Export and Imports Trends: Diversification into Non-IT Services and Semiconductor Boom

India’s export-import landscape is undergoing transformative growth, with trends highlighting diversification into non-IT services, record-breaking exports, and significant strides in semiconductor manufacturing. These shifts are shaping the country’s global trade dominance.

 

 

Introduction: A Booming Trade Economy

India’s global trade is thriving, driven by innovation in services and technology. With exports reaching $776.7 billion in FY24, the country is strengthening its foothold in the global market.

1. Non-IT Services: A New Frontier

India is expanding beyond its traditional IT services dominance. Sectors like:

  • Financial servicesInfographic showcasing India's emerging non-IT service exports to Asia, Europe, and the US.
  • Engineering research & development (ER&D)
  • Digital manufacturing

…are gaining traction in international markets, especially in Asia, Europe, and the United States. This diversification aligns with India’s efforts to meet global demand for specialized knowledge-based services.

2. Semiconductor Manufacturing: A Strategic Focus

The global semiconductor shortage has spotlighted India’s potential as a tech manufacturing hub. Investments in:

  • Chip design and development Advanced semiconductor manufacturing plant with engineers and high-tech machinery.
  • Manufacturing services
    …are positioning India as a key player in the electronics supply chain.

The government’s PLI Scheme for Semiconductors is fueling this boom, attracting global tech giants to set up operations.

 

3. Geopolitical Diversification of Trade Partners

India’s exports have traditionally been concentrated in the US and EU, but the nation is diversifying its trade partnerships. Countries like:

  • Singapore Map showing India's diversified export routes to Singapore, UAE, and South Korea.
  • UAE
  • South Korea

…are emerging as major markets for Indian goods and services, indicating a shift toward balanced trade relations.

4. Record-Breaking Export Performance

In FY24, India’s exports reached an all-time high, with significant contributions from:

This growth is underpinned by strong demand in global markets and enhanced production capabilities.

Conclusion: The Road Ahead

India’s export-import trends highlight a robust shift toward innovation and diversification. With supportive policies and a focus on emerging sectors, the nation is poised further to cement its position as a global trade leader.

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