Indian export to 115 countries shows positive growth in 2023-24

Utkarsh Classes Last Updated 10-05-2024

Indian export to 115 countries shows positive growth in 2023-24

Economy 5 min read

According to the latest data released by the Union Ministry of Commerce, India’s exports have recorded positive growth in 115 countries out of the total 238 countries/territories it exported in 2023-24.

A positive growth rate in exports was recorded in the major export markets of the United States of America, the United Arab Emirates, the Netherlands, China, The United Kingdom, Saudi Arabia, Singapore, Bangladesh, Germany and Italy.

Out of the 229 countries/territories from which India imports goods and services ,import has declined from 124 countries during 2023-24.

Dip in Merchandise export while growth in Service export in 2023-24

According to the Union Ministry of Commerce and Industry, the total merchandise export from India in 2023-24 was $ 437.06 billion, a decline of around 3 per cent compared to 2022-23.
In 2022-23, the merchandise export was $451.07 billion.
However, services exports rose to $ 341.1 billion in 2023-24, from $ 325.33 billion in 2022-23.
The total export (Merchandise plus Services) was $ 778.2 billion in 2023-24 as compared to USD 776.4 billion in 2022-23, registering a marginal growth of 0.23 per cent.
This was the highest-ever export from India despite an unfavourable global economic situation.

Share of India in World Export

The share of India's merchandise exports in the world export market has increased marginally from 1.70 per cent in 2014 to 1.82 per cent in 2023.
India's rank in world merchandise exporters too has improved from 19th in 2014 to 17th in 2023.

Highlights of the 2023-24 Indian Export Data

In 2023-24, Indian exports to 10 major export destinations increased by 13 percent compared to 2022-23.
The United Arab Emirates (UAE) was India's largest export market in 2023-24, registering a growth rate of 12.71 per cent.
India’s merchandise export to UAE was $ 35.6 billion.
Exports to Singapore increased by 20.19 per cent to $14.4 billion and to China to $16.7 billion, a growth of 8.70%.
A sharp increase in export growth was registered to Albania (234.97 per cent) ,Romania (138.84 per cent) and Russia (35.41 per cent).

Region-wise Export

In the Commonwealth of Independent States, the top 5 markets where the export growth rate was high are Russia, Uzbekistan, Ukraine, Armenia and Tajikistan.
In the Oceania region the export growth rate was highest in Australia followed by Timor Leste, Samoa, Vanuatu and Solomon Island.
In Europe, the major countries where Indian exporters recorded positive growth were the UK, Romania, Albania, Netherlands and Greece.

Commodities Export and Import

Export of Merchandise Goods

17 items have registered a positive growth in exports during 2023-24.
These 17 items constitute 48.4 percent of the total merchandise export of India.
The main sectors which have registered positive growth are engineering, electronic goods, pharmaceuticals, and cotton yarn/fabrics/handloom products.
However there has been a decline in the export of key scores like petroleum products (- 13.66 per cent) and gems and jewellery (-13.83 per cent).

Import of Merchandise Goods

The import of merchandise goods declined to $ $ 677.24 billion in 2023-24, while it was $715.97 billion in 2022-23.
The top 10 source countries constitute 59.3 percent of India's import basket, including China, USA, Saudi Arabia, Indonesia, Russia, and Switzerland.
The imports declined during 2023-24 from the UAE, Qatar, Kuwait and Oman.

Union Minister for Commerce and Industry: Piyush Goel