Despite persistent global challenges, overall exports are estimated to surpass last year’s highest record.

Despite facing persistent global challenges, India's overall exports, encompassing both merchandise and services, are expected to surpass the previous year's peak, reaching an estimated US$ 776.68 billion in the fiscal year 2024, slightly edging out the US$ 776.40 billion recorded in the previous fiscal year. Notably, March 2024 marked the highest monthly merchandise exports of the current fiscal year, totalling US$ 41.68 billion. Within the realm of merchandise exports, sectors include Electronic Goods, Drugs & Pharmaceuticals, Engineering Goods, Iron Ore, and Cotton Yarn/Fabs. /made-ups, Handloom Products, and Ceramic products & glassware were among the main growth drivers.

Furthermore, agricultural commodity exports, including Tobacco, Fruits and Vegetables, Meat, dairy & poultry products, Spices, Cereal preparations & miscellaneous processed items, Oil seeds, and Oil Meals, showcased positive growth in the fiscal year 2024. Despite challenges, the overall trade deficit is estimated to have significantly improved by 35.77%, decreasing from US$ 121.62 billion in FY23 to US$ 78.12 billion in FY24. Specifically, the merchandise trade deficit saw a notable decline of 9.33%, at US$ 240.17 billion in the current fiscal year, compared to US$ 264.90 billion in the previous fiscal year.

In March 2024, India's overall exports (Merchandise and Services combined) totalled US$ 70.21 billion, representing a slight decrease of 3.01% compared to March 2023, while overall imports amounted to US$ 73.12 billion, exhibiting a decline of 6.11% over the same period. These figures underscore the resilience of India's export sector amidst global challenges and highlight the ongoing efforts to strengthen trade dynamics and balance.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.