INDIA'S OVERALL EXPORTS IN FY24 AT $776.68 BN PASSES FY23 NOS, TRADE DEFICIT IMPROVES 35.77%

Overall trade deficit significantly improved by 35.77 per cent to USD 78.12 billion in FY24 from USD 121.62 billion in FY23

- NIVEDITA MUKHERJEE

Despite persistent global challenges, India’s overall exports (merchandise + services) in financial year 2023-24 (FY24) reached USD 776.68 billion, surpassing the USD 776.40 billion of overall exports achieved in 202223 (FY23) with a growth of 0.04 per cent year-on-year as electronic goods, drugs and pharmaceuticals, engineering goods, iron ore, cotton yarn/fabs./made-ups, handloom products etc. and ceramic products and glassware delivered strong numbers. Overall imports in FY24 (April-March) declined 4.81 per cent at USD 854.80 billion. Overall trade deficit significantly improved by 35.77 per cent to USD 78.12 billion in FY24 from USD 121.62 billion in FY23.

The country’s robust performance in external trade is underlined by the highest monthly merchandise exports in March 2024 at USD 41.68 billion as compared to USD 41.96 billion in March 2023 while imports were USD 57.28Billion, as compared to USD 60.92 billion in March 2023. Services maintained upward momentum with India exporting USD 339.62 billion of services in FY24 compared to USD 325.33 billion in FY23.