The Aryavarth Express
Agency(New Delhi): Despite ongoing global challenges, India has achieved a slight increase in its overall exports (merchandise plus services) for the fiscal year 2023-24, reaching an estimated USD 776.68 billion compared to USD 776.40 billion in FY 2022-23. This includes the highest monthly merchandise exports recorded in March 2024 at USD 41.68 billion.
Significant growth was noted in non-petroleum and non-gems & jewellery exports, which rose by 1.45% to USD 320.21 billion from USD 315.64 billion the previous year. Key drivers of this merchandise export growth were sectors like Electronic Goods, Drugs & Pharmaceuticals, and Engineering Goods, among others.
The export of electronic goods saw a substantial increase of 23.64%, reaching USD 29.12 billion. Similarly, exports in drugs and pharmaceuticals grew by 9.67% to USD 27.85 billion, and engineering goods increased by 2.13% to USD 109.32 billion.
Agricultural commodities also showed strong growth, with exports of tobacco, fruits and vegetables, and meat, dairy & poultry products seeing double-digit increases. The overall trade deficit for the fiscal year improved significantly by 35.77%, from USD 121.62 billion to USD 78.12 billion, with the merchandise trade deficit improving by 9.33%.
While overall exports in March 2024 showed a decline of 3.01% compared to the same month in the previous year, and imports decreased by 6.11%, the fiscal year closed with a positive note in export growth and a reduction in the trade deficit. This reflects a robust performance in a challenging global economic environment and underscores the resilience of India’s export sectors.