India Records Historic Exports of USD 778 Billion in FY 2023-24: Commerce Ministry

16 May 2024

According to sources in the commerce ministry, India achieved record exports in the recently concluded fiscal year 2023–24, totaling USD 778 billion. This marks a notable increase from the previous fiscal year 2022–23, during which the combined worth of exported goods and services amounted to USD 776.3 billion.

In the fiscal year 2023–24, the value of services exported rose from USD 325.3 billion to USD 341.1 billion, while merchandise exports witnessed a marginal decline from USD 451.1 billion to USD 437.1 billion.

Conversely, the total value of imports decreased from USD 898.0 billion in 2022–23 to USD 853.8 billion in 2023–24, resulting in a notable improvement in the trade deficit, which contracted from USD 121.6 billion to USD 75.6 billion during the same period.

India's export performance in the fiscal year under review witnessed substantial growth in several key markets, including China, Russia, Iraq, the UAE, and Singapore, though with a low base. Additionally, the United Kingdom, Australia, Saudi Arabia, the Netherlands, and South Africa featured prominently among the top ten destinations for Indian exports.

Furthermore, the government introduced the Production-Linked Incentive (PLI) scheme with the objective of bolstering the global competitiveness of Indian manufacturers, attracting investments, fostering export growth, and facilitating India's integration into the global supply chain to mitigate dependency on imports.

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