India saw a notable increase in exports during the just ended fiscal year 2023–24, which is a major step towards strengthening its international trade footprint. Despite starting from a small base, the country’s exports have shown remarkable growth, particularly when it comes to important markets like China, Singapore, the United Arab Emirates, Russia, and Iraq. Upon closer examination, prominent entities in India’s export market include South Africa, the Netherlands, Saudi Arabia, Australia, and the United Kingdom.
India’s Export Performance in Fiscal Year 2023–24
The commerce ministry released data showing that India’s total exports, including both goods and services, are expected to be USD 776.68 billion, indicating a consistent yearly figure. The division paints a complex picture: services exports rose admirably by 4.4% to USD 339.62 billion, while merchandise goods exports slightly decreased by 3.1% to USD 437.06 billion.
Nonetheless, there was a minor decline in exports in March 2024, with services exports falling 6.3% to USD 28.54 billion and goods exports falling 0.7% to USD 41.68 billion. All things considered, the yearly performance as a whole shows promise, continuing the momentum from the previous fiscal year, when India’s total export value crossed USD 775 billion, a significant increase of more than 14%.
India's exports to China, UAE, Russia, and Singapore experienced an uptick in the fiscal year 2023-24.#India #China #UAE #Russia #Singapore #Exports #PowerCorridors pic.twitter.com/RNz0ggDMJZ
— POWER CORRIDORS (@power_corridors) April 19, 2024
Also Read: India exported $3.53 billion worth of smartphones to the US between April & December
India’s Trade Strategies and Outlook for the Future
India’s import statistics, on the other hand, show a declining trend. In 2023–2024, total imports fell to USD 854.80 billion, a notable 4.8% decline. Imports of goods fell by 5.41% and services fell by 2.46% in March 2024, confirming the general downward trend in import dependency.
India’s trade dynamics have undergone a significant transformation thanks to the government’s proactive measures, which include the introduction of a Production Linked Incentive (PLI) scheme affecting a variety of industries, most notably electronic goods. These initiatives, which sought to reduce reliance on imports, increase exports, draw investments, and improve the competitiveness of Indian manufacturers worldwide, have shown encouraging signs of progress.
In the context of global economic dynamics, India’s export trajectory offers an engaging story of adaptability and resilience going forward. Sustained efforts towards creating a business-friendly environment, improving infrastructure, and encouraging innovation will be crucial in solidifying India’s position as a powerful player in the global trade arena as the country continues to capitalize on its strengths and navigate challenges.
