India diversifies trade, exports to China, UAE, Russia, Singapore surge

India's export landscape For the financial year 202324 witnessed notable strides, particularly in markets like China, Russia, Iraq, UAE, and Singapore.

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According to data from the commerce ministry, India's overall exports, encompassing both merchandise and services, stood at an estimated USD 776.68 billion for the fiscal year, maintaining stability compared to the previous period. However, the breakdown reveals a nuanced picture, with merchandise exports experiencing a marginal decline of 3.1 percent to USD 437.06 billion, while services exports recorded a 4.4 percent growth, reaching USD 339.62 billion.

In March 2024, despite a slight dip, the figures remained substantial, with merchandise exports totalling USD 41.68 billion, down by 0.7 percent, and services exports at USD 28.54 billion, marking a 6.3 percent decrease. Comparatively, the preceding financial year (2022-23) showcased robust growth, witnessing a remarkable surge of over 14 percent, amounting to nearly USD 100 billion annually.