India’s FY24 Exports Hit Record High at USD 776.68 Billion

The Ministry of Commerce & Industry announced today that India’s combined export of merchandise and services in March 2024 is estimated at USD 70.21 billion, showing a decrease of 3.01 percent compared to March 2023.

Imports for March 2024 are estimated at USD 73.12 billion, down by 6.11 percent from March 2023.

For the fiscal year 2023-24 (April-March), India’s total exports are expected to be USD 776.68 billion, up by 0.04 percent from FY 2022-23, while imports are estimated at USD 854.80 billion, down by 4.81 percent from FY 2022-23.

Merchandise exports in March 2024 were USD 41.68 billion, slightly lower than the USD 41.96 billion in March 2023. Merchandise imports for March 2024 were USD 57.28 billion, down from USD 60.92 billion in March 2023.

Despite global challenges, overall exports (merchandise + services) are set to exceed the previous year’s record, reaching USD 776.68 billion in FY 2023-24 compared to USD 776.40 billion in FY 2022-23. March 2024 marks the highest monthly merchandise exports of the fiscal year at USD 41.68 billion.

India’s trade deficit for FY 2023-24 is estimated at USD 78.12 billion, a significant improvement from USD 121.62 billion in FY 2022-23, marking a decline of 35.77 percent. The merchandise trade deficit for FY 2023-24 is USD 240.17 billion, down by 9.33 percent from USD 264.90 billion in FY 2022-23.

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