The most recent update from the Ministry of Commerce & Industry indicates that India’s total export of goods and services in March 2024 stands at USD 70.21 Billion. This figure represents a decline of (-) 3.01% compared to March 2023. Similarly, the overall import for March 2024 stands at USD 73.12 Billion, indicating a negative growth rate of (-) 6.11% over March 2023. For the fiscal year 2023-24 (April-March), India’s combined exports are estimated at USD 776.68 Billion, showing a marginal positive growth rate of 0.04% over the previous fiscal year. However, imports for the same period are estimated at USD 854.80 Billion, reflecting a negative growth rate of (-) 4.81% over the previous fiscal year.
Despite global challenges, March 2024 witnessed merchandise exports of USD 41.68 Billion, slightly lower than March 2023’s USD 41.96 Billion. Merchandise imports for March 2024 were USD 57.28 Billion, down from USD 60.92 Billion in March 2023. Overall, the combined exports of merchandise and services are expected to surpass last year’s highest record, reaching USD 776.68 Billion in FY 2023-24 compared to USD 776.40 Billion in FY 2022-23. Notably, March 2024 marked the highest monthly merchandise exports for the current fiscal year at USD 41.68 Billion.
India’s trade deficit has notably improved in FY 2023-24 (April-March), with an estimated overall trade deficit of USD 78.12 Billion compared to USD 121.62 Billion during FY 2022-23 (April-March), marking a decline of (-) 35.77%. During the fiscal year 2023-24 (April-March), the merchandise trade deficit is USD 240.17 Billion, showing a decrease from USD 264.90 Billion in FY 2022-23 (April-March), reflecting a decline of (-) 9.33%.
