India's merchandise exports may cross US$ 500 billion this fiscal: Exporters

According to exporters, the country's merchandise exports are anticipated to exceed US$ 500 billion this fiscal year due to solid demand for domestic goods in vital global markets such as the United States and benefits from trade treaties. They said that exports to countries like Russia will significantly increase, especially in the agribusiness and food processing industries.

The Federation of Indian Export Organisations (FIEO) stated that their goal for the current fiscal year is to increase shipments to between US$ 500 billion and US$ 510 billion. Services exports are expected to reach roughly US$ 390 billion in 2023-24, up from US$ 322.72 billion in 2022-23.

FIEO Director General Mr. Ajay Sahai said that "Together with goods and services, we are targeting exports of US$ 900 billion this fiscal". He also pointed out that the UAE and Australia's free trade agreements will offer a great platform for boosting exports to those markets.

According to Ludhiana-based engineering exporter and Hand Tools Association President, Mr. SC Ralhan stated that there are healthy signs of economic growth in the US, which accounts for about 18% of India's total outbound shipments. India's exports increased by more than 6% to US$ 447.5 billion in 2022–2023 from US$ 422 billion the previous year.

A Mumbai-based exporter and the chairman of Technocraft Industries, Mr. Sharda Kumar Saraf,  predicted that India's exports would increase this fiscal year as compared to last year. He also stated that if the current trend continued, exports would surpass US$ 500 billion in 2023–24.

Engineering exporter and Director of Geco Trading Corporation, Mr. Khalid Khan stated that labour-intensive sectors are performing well, which will aid in growing shipments.

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