Overall exports marginally up at $776.68 BN in 2023-24; Trade deficit improves by 35.77%

New Delhi, Apr 15 (FN Bureau) Despite persistent global challenges, India is estimated to surpass its record overall exports (merchandise plus services) at USD 776.68 Billion in FY 2023-24 as compared to USD 776.40 Billion in FY 2022-23, a move that has improved trade deficit significantly. Overall trade deficit is estimated to significantly improve by 35.77 per cent from USD 121.62 Billion in FY 2022-23 to USD 78.12 Billion in FY 2023-24, the data released by the government said adding the Merchandise trade deficit has also improved by 9.33 per cent to USD 240.17 Billion in the current FY as compared to USD 264.90 Billion in FY 2022-23.

According to a statement by the Ministry of Commerce and Industry, the financial year 2023-24 ended on a high note with highest monthly merchandise exports at USD 41.68 Billion. However the overall exports and imports (Merchandise and Services combined) registered negative growth in the month of March 2024 compared to March 2023. The overall exports in March 2024 shrank 3.01 per cent at USD 70.21 Billion over March 2023. While overall imports in March 2024 stood at USD 73.12 billion registering negative growth of 6.11 per cent. India’s overall exports (Merchandise and Services combined) in FY 2023-24 (April-March) are estimated to be USD 776.68 Billion, registering a marginal growth of 0.04 per cent over FY 2022-23 (April-March). The overall imports in FY 2023-24 (April-March) are estimated to be USD 854.80 Billion, exhibiting a negative growth of 4.81 per cent over FY 2022-23 (April-March). Non-petroleum and Non-Gems & Jewellery exports increase by 1.45 percent from USD 315.64 Billion in FY 2022-23 to USD 320.21 Billion in FY 2023-24.

Main drivers of merchandise export growth in FY 2023-24 include Electronic Goods, Drugs & Pharmaceuticals, Engineering Goods, Iron Ore, Cotton Yarn/Fabs/made-ups, Handloom Products etc. and Ceramic products & glassware. Electronic goods exports increased by 23.64 per cent from USD 23.55 Billion in FY 2022-23 to USD 29.12 Billion in FY 2023-24, the ministry said adding that Drugs and pharmaceuticals exports also increased by 9.67 percent from USD 25.39 Billion in FY 2022-23 to USD 27.85 Billion in FY 2023-24. Engineering Goods exports increased by 2.13 percent from USD 107.04 Billion in FY 2022-23 to USD 109.32 Billion in FY 2023-24.