India Achieves Remarkable 67% Growth in Total Exports Over a Decade
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New Delhi, Dec 7 (NationPress) With the global demand for Indian products witnessing a significant rise across various categories, the nation's total exports surged to approximately $778 billion in FY2023-24, a substantial increase from $466 billion in FY2013-14, marking an impressive 67 percent growth.
India's share in global merchandise exports improved from 1.66 percent to 1.81 percent, elevating the country’s ranking from 20th to 17th, as reported by Union Minister of Commerce and Industry, Piyush Goyal, in response to a Parliamentary inquiry.
This accomplishment was facilitated by the government's proactive measures aimed at sustaining and enhancing export growth.
The trade performance of the country exhibited stability and moderate growth during the first quarter of the ongoing financial year, according to a report from NITI Aayog Trade Watch.
The report highlighted that India’s total trade in the first half of 2024 saw a year-on-year growth of 5.45 percent, reaching $576 billion compared to the previous year.
Merchandise imports showed steady expansion, with exports in Q1 FY25 rising by 5.95 percent to $110 billion, while imports increased by 8.40 percent to $173 billion, resulting in a widening trade imbalance.
In Q1 FY25, Indian iron and steel exports faced a significant drop of 33 percent, primarily due to weak domestic demand coupled with China's excess capacity, leading to an oversupply of steel in global markets. During this quarter, export growth to Free Trade Agreement (FTA) partners was notably robust at 12 percent, while import growth from these partners was at 10.29 percent.
North America comprised 21 percent of India’s exports, followed by the European Union at 18.61 percent. The majority of imports came from Northeast Asia, West Asia (GCC), and ASEAN, collectively accounting for 51 percent of total imports.
Meanwhile, India has observed a sharp rise in exports across several key product categories, maintaining or enhancing its rank among the top 10 global suppliers. The country’s strategic emphasis on electronics and semiconductors has resulted in remarkable outcomes.
