New Delhi, Dec 15 (IANS): The US accounted for 18 per cent of India's total exports in the financial year (FY) 24, as the country's exports to the world's largest economy continuously increased, a report said.

Bank of Baroda's report said that India's exports to the US are growing steadily. Its value was $77.5 billion in FY24. India's exports to the US have been growing at a compound annual growth rate (CAGR) of 10.3 per cent over the last 30 years.

According to the report, the growth rate of exports to the US was higher than the growth rate of total exports till FY2000, but after the financial crisis of 2008, it slowed down till FY10. Since then, the growth rate of exports to the US has been higher than the growth rate of total exports, showing that the US is an important market for India.

According to the report, the US share in India's total exports was 18 per cent in FY24 and 16.4 per cent in FY92. However, it is still below the highest level of 22.8 per cent in FY00.

The report also advised that India should reduce over-dependence on one country for exports and focus on diversification of exports.

The US remains an important market for many key Indian industries. The top five items exported to the US in FY24 were drugs and pharmaceuticals, pearls and precious stones, petrochemical products, telecom equipment and readymade garments, which accounted for 40 per cent of the country's total exports.

Other major exports include yarn, marine products and electronic goods, with electronic goods exports facing competition from other Asian countries.

From 2000 to 2022, India’s goods export increased from $48.5 billion to $467.5 billion while industrial exports grew from $39.6 billion to $317.4 billion. The government aims to reach $2 trillion in exports of goods and services by 2030.