India’s Trade Performance in FY24: A Rising Growth Story

Export Performance

• All-Time High Export: New Delhi's exports reached a record high of $776.68 billion in FY24, compared to $776.49 billion in FY23.
• Merchandise Export Decline: Merchandise export fell by 3.11% to $437.06 billion in FY24 from $451.07 billion in FY23.
• Service Export Expansion: Service export grew by 4.39% to $339.62 billion in FY24 from $325.33 billion in FY23.

Import Performance

• Merchandise Import Decline: Merchandise import fell by 5.54% to $677.24 billion in FY24 from $715.97 billion in FY23.
• Service Import Contraction: Service import contracted by 2.46% to $177.56 billion in FY24 from $182.05 billion in FY23.

Trade Deficit

• Decreased Trade Deficit: India's trade deficit contracted by 35.77% from $121.63 billion in FY23 to $78.12 billion in FY24.

Resilience Amid Geopolitical Tensions

• Steady Growth Despite Geopolitical Tensions: Despite major geopolitical tensions such as the Russia-Ukraine war, Red Sea crisis, and global economic slowdown, India showed extraordinary growth.

Major Export Sectors

• Key Export Sectors: Major sectors of export include electronic goods, drugs and pharmaceuticals, engineering goods, iron ore, cotton yarn, and handloom products. These sectors are significant as they are labor-intensive, indicating positive employment trends.