Mumbai, Dec 9: As demand for Indian products in the global market surges across categories, the country’s total exports reached about $778 billion in FY2023-24, compared to $466 billion in FY2013-14 — a whopping 67 per cent growth.India’s share in world merchandise exports also improved from 1.66 per cent to 1.81 per cent, with the country advancing in rankings from 20th to 17th position, Union Minister of Commerce and Industry, Piyush Goyal, responded to a Parliamentary query.
The feat was achieved as the government implemented several initiatives to sustain and accelerate export growth.
The country’s trade performance demonstrated stability and moderate growth during the first quarter of the current financial year, according to a NITI Aayog Trade Watch report.
According to the report, India’s total trade in H1 2024 experienced a 5.45 per cent year-on-year increase to reach $576 billion compared to 2023.
Merchandise imports showed consistent growth, with Q1 FY25 exports rising by 5.95 per cent to $110 billion and imports increasing by 8.40 per cent to $173 billion, leading to a growing trade imbalance.
In Q1 FY25, Indian iron and steel exports experienced a massive decline (33 per cent) primarily due to weak domestic demand and excess capacity in China which resulted in an oversupply of steel in the global markets. During Q1 FY25, export growth to FTA partners was notably strong at 12 per cent, while import growth from these partners was 10.29 per cent.
North America accounted for 21 per cent of India’s exports, followed by the EU at 18.61 per cent. Imports were largely from Northeast Asia, West Asia (GCC), and ASEAN, making up 51 per cent of total imports.
Meanwhile, India has recorded a sharp increase in exports for several key product categories with the country maintaining or improving its rank among the top 10 global suppliers. The country’s strategic focus on electronics and semiconductors has yielded impressive results.