India achieved record exports in the recently concluded financial year 2023-24, reaching USD 778 billion, news agency ANI reported citing sources in the commerce ministry. This marks a significant increase from the USD 776.3 billion in combined goods and services exports recorded in 2022-23. Notably, services exports saw a notable uptick from USD 325.3 billion to USD 341.1 billion in 2023-24, while merchandise exports experienced a slight decline from USD 451.1 billion to USD 437.1 billion.
The government implemented several initiatives, including the launch of a Production Linked Incentive (PLI) scheme across various sectors such as electronics, aimed at enhancing the global competitiveness of Indian manufacturers, attracting investments, boosting exports, integrating India into the global supply chain, and reducing reliance on imports. These measures appear to have yielded positive outcomes.
Countries where India’s exports shot up
China, Russia, Iraq, UAE, and Singapore are among the countries where India’s exports in the just-concluded financial year have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.
Coming to overall imports, they declined from USD 898.0 billion in 2022-23 to USD 853.8 billion. Both merchandise and services exports declined during the financial year. Overall trade deficit significantly improved from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
Rise in exports and imports
In the first month of 2024-25 – April, India’s exports, including merchandise and services, rose from USD 60.40 billion to USD 64.56 billion. Imports however rose from USD 63.02 billion to USD 71.07 billion. The trade deficit during April rose from USD 2.62 billion to USD 6.51 billion on a yearly basis.
In April, exports of electronic goods, organic and inorganic chemicals, petroleum products, and drugs and pharmaceuticals witnessed year-on-year growth. However, exports of engineering goods, iron ore, gems and jewellery, marine products, and oil meals experienced a decline during the same period. It should be noted here that imports of petroleum crude and products, gold, electronic goods, pulses, and vegetable oil also saw an increase. Meanwhile, imports of pearls, precious metals, and precious stones, as well as iron and steel, among other commodities, declined during the period.
(With ANI inputs)
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