India registers record export at USD 778 billion in 2023-24

India registered record exports in the just concluded financial year 2023-24 at USD 778 billion, sources in the commerce ministry said. In 2022-23, the country exported goods and services combined at USD 776.3 billion.

In break up, services exports rose from USD 325.3 billion to USD 341.1 billion in 2023-24. Merchandise exports though marginally declined from USD 451.1 billion to USD 437.1 billion.

Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.

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.

In the first month of 2024-25 – April, India 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.

During April, exports of electronic goods, organic and inorganic chemicals, petroleum products, and drugs and pharmaceuticals were higher on a yearly basis. On the contrary, exports of engineering goods, iron ore, gems and jewellery, marine products, and oil meals declined.

On the import side, petroleum crude and products, gold, electronic goods, pulses, and vegetable oil, rose while pearls precious metals and precious stones, iron and steel, among others, declined.