Bhubaneswar, Aug 1 (PTI) Odisha's exports have the potential to grow up to USD 50 billion by financial year 2029-30, according to a recent study.

The study was conducted by the Export Import (Exim) Bank of India, and the report was released by its deputy managing director Tarun Sharma here on Friday evening.

Odisha's merchandise exports stood at USD 10.8 billion in the 2025-26 fiscal, constituting 2.4 per cent of India's exports for the year.

Exports witnessed a year-over-year growth of 7 per cent over FY 2024-25. During 2016-17 to 2025-26, Odisha's exports registered a compound annual growth rate (CAGR) of 6.6 per cent, the report said.

Under the base case scenario, assuming Odisha's exports grow at the same CAGR during the next four years as during 2019-20 to 2025-26, Odisha's exports are estimated to reach USD 14.9 billion by 2029-30.

In the optimistic scenario, if Odisha's exports grow at the same envisaged CAGR during 2025-26 to 2029-30 as India's (22.7 per cent), Odisha's exports may reach USD 24.4 billion by FY 2029-30.

In the ambitious scenario, if India achieves USD 1 trillion export target by 2029-30 and Odisha's share in India's exports more than doubles to 5 per cent from the current share of 2.4 per cent, Odisha's exports may reach USD 50 billion by 2029-30, the study said.

Over the past decade, the composition of Odisha's export basket has remained largely unchanged, with exports heavily concentrated in metal and mineral products.

In the financial year 2025-26, Odisha's top exported category was aluminium and its articles, accounting for 38.2 per cent of total exports, followed by iron and steel, inorganic chemicals; ores, slag and ash; and mineral fuels and oils, it said.

Regarding export destinations, China was the top export destination during the financial year 2025-26, with exports at USD 1,973.8 million (18.3 per cent of Odisha's exports). Other major export destinations were Vietnam, South Korea, the United States of America (USA), and the United Kingdom (UK).

"Odisha is uniquely positioned to play a significant role in India's export journey and contribute substantially towards India's goal of achieving USD 2 trillion in exports by 2030," Sharma said.

It is also reflected in Odisha Vision 2047, which recognises exports as a key driver of the state's economic transformation and targets a 7.5 per cent share in India's exports, including contributions from MSMEs, by 2047, he said.

Over the recent years, Exim Bank has launched several new initiatives with an aim to bridge the financing gaps for exports through innovative financing and risk mitigation programmes, particularly for MSMEs, he said.

In Odisha, Exim Bank has been actively engaging with exporters and MSMEs across both traditional and emerging sectors, Sharma added. PTI BBM BBM ACD

Export growth projections outline pathways for Odisha to expand merchandise trade through export diversification, MSME support and financing initiatives. Export growth projections for Odisha set out base, optimistic and ambitious scenarios through FY 2029-30, based respectively on historical growth, envisaged national export growth, and a larger share of national exports. Odisha's export basket remains concentrated in metals and minerals, led by aluminium products, with China as the principal export destination. Odisha Vision 2047 identifies exports, including MSME contributions, as an economic transformation driver, while export-financing and risk-mitigation initiatives aim to address financing gaps for exporters and MSMEs.