India registers record export at $778 billion in 2023-24

India registered record exports in the just concluded financial year 2023-24 at $ 778 billion, sources in the commerce ministry said. 

In 2022-23, the country exported goods and services combined at $ 776.3 billion.

In break up, services exports rose from $ 325.3 billion to $ 341.1 billion in 2023-24. 

Merchandise exports though marginally declined from $ 451.1 billion to $ 437.1 billion.

Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. 

These seemed to have reaped dividends.China, Russia, Iraq, UAE, and Singapore are among the countries where India's exports in the just-concluded financial year have risen substantially, though with a low base. 

The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.

Coming to overall imports, they declined from $ 898.0 billion in 2022-23 to $ 853.8 billion. 

Both merchandise and services exports declined during the financial year.

Overall trade deficit significantly improved from $ 121.6 billion in 2022-23 to $ 75.6 billion in 2023-24.

In the first month of 2024-25 - April, India exports, including merchandise and services, rose from $ 60.40 billion to $ 64.56 billion. 

Imports however rose from $ 63.02 billion to $ 71.07 billion.The trade deficit during April rose from $ 2.62 billion to $ 6.51 billion on a yearly basis.

During April, exports of electronic goods, organic and inorganic chemicals, petroleum products, and drugs and pharmaceuticals were higher on a yearly basis. 

On the contrary, exports of engineering goods, iron ore, gems and jewellery, marine products, and oil meals declined.

On the import side, petroleum crude and products, gold, electronic goods, pulses, and vegetable oil, rose while pearls precious metals and precious stones, iron and steel, among others, declined.