India’s combined exports of goods and services from April to January in the fiscal year 2023-24 totaled USD 638.37 billion. This reflects a slight decrease of 0.19 percent compared to the same period in 2022-23. Imports for the same period were estimated at USD 708.79 billion, indicating a larger decline of 5.69 percent compared to the previous year.
Source: Ministry of Commerce & Industry
Merchandise Trade
In January 2024, India’s merchandise exports experienced a growth of 3.12 percent, reaching USD 36.92 billion compared to USD 35.80 billion in January 2023. Key drivers of this growth included petroleum products, engineering goods, iron ore, electronic goods, and pharmaceuticals.
Merchandise imports for January 2024 stood at USD 54.41 billion, compared to USD 52.83 billion in January 2023. From April to January 2023-24, merchandise exports were USD 353.92 billion, down from USD 372.10 billion in the same period in 2022-23. Similarly, merchandise imports decreased to USD 561.12 billion from USD 601.47 billion.
The merchandise trade deficit for April-January 2023-24 was USD 207.20 billion, showing an improvement from USD 229.37 billion in April-January 2022-23. Non-petroleum and non-gems & jewellery exports in January 2024 were USD 26.12 billion, while imports for the same category were USD 33.72 billion.
Services Trade
The value of services exports for January 2024 was USD 32.80 billion, compared to USD 28.00 billion in January 2023. Similarly, services imports increased to USD 16.05 billion from USD 14.83 billion in January 2023. From April to January 2023-24, services exports totaled USD 284.45 billion, up from USD 267.50 billion in the previous year, while services imports amounted to USD 147.68 billion compared to USD 150.11 billion.
The services trade surplus for April-January 2023-24 was USD 136.77 billion, an increase from USD 117.38 billion in April-January 2022-23.
Trade Deficit
India’s overall trade deficit for April-January 2023-24 improved significantly, standing at USD 70.43 billion compared to USD 111.99 billion in the same period of the previous year, marking a decline of 37.11 percent. The merchandise trade deficit also decreased to USD 207.20 billion from USD 229.37 billion, registering a decline of 9.66 percent.
