In the fiscal year 2023-24, the Ministry of Commerce & Industry reported a record-breaking performance in exports despite the ongoing global challenges. The overall exports, which include both merchandise and services, are estimated to reach a staggering USD 776.68 Billion, surpassing the previous fiscal year’s record of USD 776.40 Billion.
March 2024: A Record Month for Exports
March 2024, in particular, stood out as it recorded the highest monthly merchandise exports of the fiscal year, amounting to USD 41.68 Billion. This impressive figure is a testament to the resilience and adaptability of the country’s export sector in the face of global economic uncertainties.
Diversification in Exports
The exports of non-petroleum and non-gems & jewellery products also saw a significant increase. They rose by 1.45% from USD 315.64 Billion in FY 2022-23 to USD 320.21 Billion in FY 2023-24. This growth indicates a diversification in the country’s export portfolio, reducing reliance on traditional export goods and exploring new avenues for economic growth.
Main Drivers of Export Growth
The main drivers of merchandise export growth in FY 2023-24 were Electronic Goods, Drugs & Pharmaceuticals, Engineering Goods, Iron Ore, Cotton Yarn/Fabs./made-ups, Handloom Products, and Ceramic products & glassware. Among these, the exports of electronic goods and drugs & pharmaceuticals saw a significant increase.
The exports of electronic goods rose by 23.64% from USD 23.55 Billion in FY 2022-23 to USD 29.12 Billion in FY 2023-24. Similarly, the exports of drugs and pharmaceuticals also saw a substantial increase of 9.67% from USD 25.39 Billion in FY 2022-23.
Import Data March 2024
In March 2024, India’s trade data showed both exports and imports for merchandise and services. Let’s examine the figures and compare them to the previous year’s data.
Merchandise Trade:
- Exports: The merchandise exports for March 2024 amounted to USD 41.68 billion, slightly lower than the USD 41.96 billion recorded in March 2023.
- Imports: On the other hand, merchandise imports for March 2024 were valued at USD 57.28 billion, compared to USD 60.92 billion in March 2023.
Services Trade:
- Exports: India’s services exports for March 2024 were reported at USD 28.54 billion, a decrease from USD 30.44 billion in March 2023 1.
- Imports: The services imports for March 2024 amounted to USD 15.84 billion, slightly lower than the USD 16.96 billion recorded in March 2023.
Overall Trade (Merchandise + Services):
- Exports: The overall trade, combining both merchandise and services exports, for March 2024 was valued at USD 70.21 billion, compared to USD 72.40 billion in March 2023 1.
- Imports: The overall trade imports for March 2024 amounted to USD 73.12 billion, slightly lower than the USD 77.88 billion recorded in March 2023 1.
Trade Balance:
- The trade balance for March 2024 was negative, with a deficit of USD 2.91 billion, which is an improvement compared to the deficit of USD 5.48 billion in March 2023
Conclusion
In conclusion, despite the global challenges, the Ministry of Commerce & Industry has managed to achieve record export growth in the fiscal year 2023-24. The main drivers of this growth have been the exports of electronic goods and drugs & pharmaceuticals. The impressive performance in March 2024, in particular, highlights the strength and resilience of the country’s export sector.
Source:PIB https://pib.gov.in/PressReleasePage.aspx?PRID=2017942