India records record exports of US$ 778 billion in 2023-24

Commerce ministry sources said India recorded record exports of US$ 778 billion in the recently concluded financial year 2023-24. In 2022-23, the country is expected to export goods and services worth US$776.3 billion overall.

In the break up, services exports are projected to increase from US$ 325.3 billion to US$ 341.1 billion in 2023-24. However, merchandise exports declined marginally to US$437.1 billion from US$451.1 billion.

Various steps taken by the Government include production linked incentives in various sectors including electronic goods to make Indian manufacturers globally competitive, attract investment, increase exports, integrate India into the global supply chain and reduce import dependence. PLI) scheme. , It appears that they have benefited from this.

China, Russia, Iraq, UAE and Singapore are among the countries to which India’s exports have grown significantly in the recently ended financial year, albeit with a low base. Other countries in the top 10 list are UK, Australia, Saudi Arabia, Netherlands and South Africa.

Talking about total imports, it declined from US $ 898.0 billion to US $ 853.8 billion in 2022-23. Both goods and services exports declined during the financial year.

The overall trade deficit increased from US$121.6 billion in 2022-23 to US$75.6 billion in 2023-24.

In April, the first month of 2024-25, India’s exports including goods and services increased from US$ 60.40 billion to US$ 64.56 billion. However imports increased from US$63.02 billion to US$71.07 billion.

Trade deficit widened to US$6.51 billion during April from US$2.62 billion year-on-year.

During April, exports of electronic goods, organic and inorganic chemicals, petroleum products, and drugs and pharmaceuticals were higher on an annual basis. In contrast, exports of engineering goods, iron ore, gems and jewellery, marine products and oilseeds declined.

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