India registers record $778 billion export in 2023-24

The country, in the previous financial year (2022-23), exported goods and services combined at USD 776.3 billion.

In the break up, services exports rose from USD 325.3 billion to USD 341.1 billion in FY24, while merchandise exports marginally declined from USD 451.1 billion to USD 437.1 billion, reports said.

Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports, and these seemed to have reaped dividends, as reported by ANI.

According to reports, China, Russia, Iraq, UAE, and Singapore are among the countries where India's exports in FY24 have risen substantially, though with a low base, while the other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.

Coming to overall imports, they declined from USD 898.0 billion in 2022-23 to USD 853.8 billion, and both merchandise and services exports declined during the fiscal year, as per reports.

Overall trade deficit significantly improved from USD 121.6 billion in FY23 to USD 75.6 billion in FY24, ANI reported.

In April, the first month of 2024-25 fiscal year, India's exports, including merchandise and services, rose from USD 60.40 billion to USD 64.56 billion, while imports rose from USD 63.02 billion to USD 71.07 billion, according to reports.