India’s efforts to diversify export markets beyond the US and Europe are yielding strong growth across Africa and Asia, but a closer look at the trade data suggests that much of the recent surge is being driven by petroleum products rather than the manufacturing sectors targeted by the government’s export-promotion push. The surge comes amid higher international petroleum prices following the outbreak of war in West Asia. While supply disruptions and changing trade flows have created opportunities for Indian refiners, higher prices have also inflated the value of exports raising questions about the durability of gains.Exports to Africa rose 47% year on year in the first five months of FY2026-27, while shipments to the 10-nation Association of Southeast Asian Nations (ASEAN), a market that has remained difficult to penetrate despite a free trade agreement, grew 56% during April-August. Shipments to Africa reached $26.19 billion in the first five months of the financial year, compared with $23.8 billion to the more prosperous ASEAN market. Africa’s share in India’s overall exports rose to 12.2% from 9.7% in the corresponding period last year. (ICE NEW DELHI)

Fonte notizia: Financial Express