Exports Rise To $777 Bn In FY24; Trade Deficit Narrows

DESPITE weak global economic conditions, India recorded the highest annual exports (merchandise and services) in FY24 at $776.68 billion, surpassing $776.40 billion in FY23.

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In FY23, the country for the first time crossed the $750 billion exports mark.

The better-than-expected numbers in FY24 was due to strong performance by services exports, which posed 6% growth at $340 billion. Though, merchandise exports during the year fell by 3% to $437 billion compared to $451 billion in FY23. Overall imports to India fell by 4.8% to $854.80 billion, helping the country narrow the trade deficit to $78 billion compared to $121 billion in the previous year. Merchandise trade deficit in FY24 also narrowed from $265 billion in FY23 to $240 billion.