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 made upward trends with Q1 FY25 exports up 5.95 per cent at $110 billion and imports at 8.40 per cent to $173 billion, which reflected growing trade imbalances.
Indian iron and steel exports crashed in Q1 FY25 by an unprecedented 33 per cent mainly on account of weak domestic demand and an excess capacity situation in China, which meant an over-supply of steel globally. During Q1 FY25, growth in exports to FTA partners stood at an impressive 12 per cent, whereas growth in imports from the same lot was at 10.29 per cent.
North America accounted for 21% of India's exports, followed by the EU at 18.61%. Imports were largely from Northeast Asia, West Asia (GCC), and ASEAN, accounting for 51% of total imports.
India has shown a significant rise in exports for some of its key product categories with the country holding or even improving its ranking in the top 10 global suppliers. This was evident with the impressive gains from the strategic focus on electronics and semiconductors.
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