Diversification pays off: India registers strong growth in exports to Spain, Germany and Belgium

The commerce ministry in its latest data, has shown that Spain, Germany, Belgium, and Poland are emerging as India’s key export destinations within the 27-nation European Union (EU) bloc. Among these, Spain has emerged as a high-growth European market for Indian exports, with exports surging by over 56% to $4.7 billion during April-November of FY26 from $3 billion in the corresponding period of the previous fiscal.

This sharp surge has resulted in Spain’s share in India’s total exports rising to 2.4%, a gain of 0.5 bps, the highest share increase recorded among European partners during the period.

Similarly, the data showed India's exports to Germany rose to $7.5 billion during the eight months of FY26 from $6.8 billion in the same period last year, reflecting a growth of 9.3%. The country's shipments to Belgium rose slightly from $4.2 billion to $4.4 billion during April-November this fiscal. Also, India's exports to Poland grew 7.6% to $1.82 billion during April-November 2025-26 from $1.69 billion in the same period of the previous financial year.

As India and the EU are moving closer to a proposed free trade agreement (FTA), the bilateral trade between the two is expected to register healthy growth despite the global economic uncertainties. India's bilateral merchandise trade with the EU stood at $136.53 billion in 2024-25, with exports worth $75.85 billion and imports of $60.68 billion, making it the largest trading partner for goods. The EU market accounts for about 17% of India's total exports, and the bloc's exports to India constitute 9% of its total overseas shipments.

As the trade deal with the US is still under negotiation, the robust growth across other export markets is encouraging and conducive to the overall economic growth of India.