India's July 2023 Exports of Granite Building Stone Reach $86M

India

In July 2023, India witnessed a significant increase in the export of granite building stone, reaching a value of $86M. The quantity of granite building stone exported from India expanded rapidly to 204K tons, representing a growth of 9.3% compared to the figures of June 2023. However, overall exports showed a relatively flat trend. The most noticeable pace of growth occurred in January 2023, with a 12% month-on-month increase. The value of granite building stone exports saw a marked expansion to $86M in July 2023, with a mild curtailment over the review period. The highest growth rate in terms of value occurred in February 2023, with an 11% month-on-month increase. The main destination for India's granite building stone exports was Vietnam, receiving 50K tons and accounting for a 24% share of total exports. The United States was the second-largest destination with 24K tons, while the United Arab Emirates ranked third with 11K tons. From July 2022 to July 2023, the average monthly rate of growth in volume to Vietnam stood at -1.6%. The United States experienced a monthly decrease of 2.0%, and the United Arab Emirates remained relatively stable. In terms of value, the United States, Vietnam, and Germany constituted the largest markets for India's exported granite building stone, comprising 41% of total exports. The United Arab Emirates, Saudi Arabia, Nepal, and Qatar accounted for a further 8.6%. The United Arab Emirates showed the highest growth rate in the value of exports, while other leading countries experienced a decline. The export price of granite building stone stood at $424 per ton in July 2023, remaining relatively unchanged from the previous month. The price exhibited a relatively flat trend pattern, with the most rapid growth occurring in May 2023, reaching a peak of $448 per ton. Prices varied across destinations, with Germany having the highest price at $913 per ton, while Saudi Arabia had one of the lowest at $164 per ton. From July 2022 to July 2023, the most notable price increase was observed for exports to Qatar at 2.0%, while other destinations showed more modest growth rates.

Source: IndexBox Market Intelligence Platform

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