New Delhi: The Confederation of Indian Industry (CII) highlighted the burgeoning trade ties between India and the Nordic-Baltic countries, emphasizing the vast potential for collaboration and mutual growth.
CII posted on X, “While trade between India and Nordic-Baltic countries is on the rise, it also offers a vast opportunity to both the sides to form partnerships and create opportunities for collaborative growth. #DYK India’s imports from the Nordic-Baltic region amounted to USD 5.44 Bn in 2022-23.”
Sweden emerged as India’s top trade partner in the Nordic-Baltic region during the fiscal year 2022-23, with a total trade volume of USD 2,692 million.
India’s exports to Sweden reached USD 961.63 million, while imports from the region stood at USD 1,730 million. This substantial trade volume underscores the robust economic ties between the two nations.
Finland followed closely as India’s second-largest trading partner among the Nordic countries, with a total trade value of USD 2,024.12 million during the same period.
India’s trade with Finland has witnessed significant expansion in recent years, growing at a compound annual growth rate (CAGR) of approximately 10.05 per cent over the last five years.
Denmark and Norway also emerged as significant trading partners for India from the Nordic region, with bilateral trade volumes recorded at USD 1,681 million and USD 1,507 million, respectively, in the fiscal year 2022-23. Additionally, India’s total trade with Iceland stood at approximately USD 15 million during the same period.
India’s trade with the Baltic region also experienced notable growth, with Lithuania emerging as the leading trade partner. The total trade volume between India and Lithuania reached USD 472 million, with India’s exports amounting to USD 357 million and imports at USD 114 million.
India maintained a trade surplus with Lithuania, with the trade balance recorded at USD 243 million in favor of India.
Overall, India’s total exports to the Nordic-Baltic region increased from USD 2.45 billion in 2018-19 to USD 3.6 billion in 2022-23, representing a compound annual growth rate (CAGR) of 10.16 per cent over the five-year period.
Similarly, India’s total imports from the region rose from USD 3.84 billion to USD 5.44 billion during the same period, demonstrating a CAGR of 9.5 per cent.
The key export products from India to the Nordic-Baltic countries include machinery and mechanical appliances, iron and steel, pharmaceutical products, vehicles, electrical machinery, and apparel and clothing accessories.
Conversely, India’s imports from the region comprise iron and steel, electrical machinery, mineral fuels, organic chemicals, and inorganic chemicals, among others.
India and the Nordic-Baltic countries offer ample opportunities for collaboration in various sectors such as innovation, green technology, healthcare, and the blue economy.
India’s large market presents an attractive opportunity for Nordic countries to engage in flagship schemes like Make in India, Smart Cities Mission, Start-up India, and Clean Ganga, providing avenues for expertise exchange and mutual growth.
As trade between India and the Nordic-Baltic region continues to flourish, both sides are poised to leverage these opportunities for enhanced economic cooperation and prosperity. (ANI)
Also Watch: