CII: Sweden is India's biggest trading partner; exports to Nordic-Baltic countries increased by 10% while imports increased by 9.5%

India's trade with the Nordic-Baltic group of countries in Europe is continuously growing. Exports have increased by 10.16 per cent, while imports have increased by 9.5 per cent. According to the Confederation of Indian Industry (CII), India's imports from these countries will exceed $ 540 crore in 2022-23. At the same time, Sweden has become India's largest trading partner among these countries.

With $961.6 million in exports and $173 million in imports, India's trade with Sweden amounted to approximately $269 million. India then conducted business with Finland valued at 202 crore dollars. India has seen a notable increase in its bilateral trade with the Nordic nations of Denmark and Norway. In 2022–2023, India will trade $1680 million worth of goods bilaterally with Denmark and $1500 million with Norway. Concurrently, over this time, Iceland and the United States have engaged in $15 million worth of bilateral trade. With an annual turnover of $472 million, Lithuania has become the Baltic countries' biggest trading partner. India has made $114 million in imports and $357 million in exports from this. According to CII, India's exports to Nordic-Baltic countries have increased by 10.16 percent in 2022-23 compared to 2018-19. It has increased from $245 crore to $360 crore during this period. At the same time, there has been an increase of about 9.5 per cent in imports, which has increased from $ 384 crore to $ 544 crore.