Despite ongoing global challenges, the combined exports of goods and services are projected to surpass the previous year’s peak, reaching an estimated USD 776.68 billion in FY2024, compared to USD 776.40 billion in the previous fiscal year.
In March 2024, the fiscal year 2023-24 concluded with the highest monthly merchandise exports of the current fiscal year, totalling USD 41.68 billion.
Non-petroleum and non-gems & jewellery exports saw a modest increase of 1.45 percent, climbing from USD 315.64 billion in FY2023 to USD 320.21 billion in FY2024.
Key contributors to the growth in merchandise exports for the fiscal year 2023-24 include Electronic goods, Drugs & Pharmaceuticals, Engineering goods, Iron ore, Cotton yarn / fabrics / made-ups, Handloom products, Ceramic products, and Glassware.
Specifically, Electronic goods exports surged by 23.64 percent, rising from USD 23.55 billion in FY2023 to USD 29.12 billion in FY2024. Likewise, Drugs and Pharmaceuticals exports increased by 9.67 percent from USD 25.39 billion to USD 27.85 billion, while Engineering goods exports saw a more modest growth of 2.13 percent, reaching USD 109.32 billion from USD 107.04 billion.
Exports of Agricultural commodities also displayed positive growth rates in the fiscal year 2023-24, including tobacco (19.46 percent), fruits and vegetables (13.86 percent), meat, dairy & poultry products (12.34 percent), spices (12.30 percent), cereal preparations & miscellaneous processed items (8.96 percent), oil seeds (7.43 percent), and oil meals (7.01 percent).
Furthermore, there is a significant improvement in the overall trade deficit, estimated to decrease by 35.77 percent from USD 121.62 billion in the fiscal year 2022-23 to USD 78.12 billion in the fiscal year 2023-24. The merchandise trade deficit has also improved by 9.33 percent, amounting to USD 240.17 billion in the current fiscal year compared to USD 264.90 billion in the previous fiscal year.
