Amazon crossed $8 Billion in exports from India in 2023
Amazon, a leading e-commerce platform, declared that it had exceeded $8 billion in total exports from India in 2023 and is progressing towards its goal of reaching $20 billion in exports by 2025. In 2022, the company had achieved exports valued at $5 billion. "We are really encouraged by the growth we have seen. We had crossed $5 billion in exports by mid-2022 and achieved $8 billion by the end of 2023. We believe we are just getting started. The momentum is there", said Bhupen Wakankar, Director of Global Trade at Amazon India.
Having commenced its exports from India seven years ago, Amazon aims to more than double its exports by 2025 to meet the ambitious target of $20 billion. This announcement follows closely after Walmart, a prominent American retail giant, revealed that it had exceeded $30 billion in cumulative sourcing from India over a period of more than two decades. Walmart now sets its sights on achieving $10 billion in annual sourcing by 2027. Discussing the competition, Wakankar stated, "We are customer-obsessed and not competition-obsessed. More players coming in will benefit the seller ecosystem. We are all in this together".
As part of its commitment to enhancing domestic exports, Amazon has unveiled the recipients of the third iteration of its Propel accelerator program, which includes Mirana Toys, Avimee Herbal, and Perfora. Traditionally spanning 16 weeks, the Propel program has been prolonged to a year. This year's edition has seen an increase in the number of shortlisted brands from across the country, rising to 47 from the previous year's 15. The program provides equity grants valued at $100,000, AWS credits totaling $1 billion, and comprehensive mentorship from industry veterans and Amazon specialists dispersed among the winners.
According to Wakankar, Amazon's fastest-growing export segments encompass toys, home and kitchen items, beauty products, furniture, and luggage. Additionally, products such as leather goods and Ayurvedic items are experiencing increasing popularity. The United States continues to stand as Amazon's primary market for Indian exports, alongside other key markets including the United Kingdom, Canada, Japan, and Germany, among others.
Throughout the past year, Amazon has unveiled numerous collaborations with central and state governments aimed at bolstering exports, an area it intends to further emphasize. In November of the preceding year, Amazon entered into a memorandum of understanding (MoU) with the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, to jointly develop capacity-building sessions, training programs, and workshops for Micro, Small, and Medium Enterprises (MSMEs) across 75 districts designated by the DGFT.
During the fourth edition of its premier Smbhav Summit held in August last year, the company inked a Memorandum of Understanding (MoU) with India Post to implement an integrated cross-border logistics solution, aimed at enhancing Indian exports. Additionally, it was among the pioneering e-commerce entities to utilize the Railways' Dedicated Freight Corridor (DFC) to expedite product deliveries. Wakankar highlighted that the company's emphasis is on enhancing its technology infrastructure.
