Indian Export touch a historic high of USD 778.21 billion in 2023-24

According to the Union Ministry of Commerce, Indian exports (merchandise and service ) in 2023-24 touched a historic high of USD 778.21 billion. The total exports from India in 2022-23 was USD 776.3 billion. 

In 2013-14, the total export from India was USD 466.22 billion and it will grow by 67 % to   USD 778.21 billion in 2023-24.

Break up of the Export in 2023-24 

The export is divided into merchandise goods(tangible) and services (intangible).

The total merchandise export from India in 2023-24 was USD 437.10 billion. In 2013-14 it was USD 314 billion

The service sector export in 2023-24 was  USD 341.11 billion.  In 2013-14 it was USD 152 billion. The increase in exports has been driven by strong performance in information technology,  financial, and business services.

Merchandise Export Destination in 2023-24 

In 2023-24, the major export destination for Indian merchandise goods was the United States of America with a share of 17.90 in total Indian exports.

The other major export destinations for merchandise goods in the descending orders are the United Arab Emirates (8.23%), Netherlands (5.16%), China (3.85%), Singapore (3.33%), UK (3.00%), Saudi Arabia (2.67%), Bangladesh (2.55%), Germany (2.27%), and Italy (2.02%).

These top 10 countries bought 51 % of the Indian merchandise goods in 2023-24

Stand out Sectoral Performer in Exports 

Mobile Phone Exports:

• The Mobile phone exports in 2023-24 was USD 15.6 billion as compared to USD 0.2 billion in 2014-15. 
• Due to the success of the PLI (Production Linked Incentive) scheme the domestic production of mobile phones grew from 5.8 crore units in 2014-15 to 33 crore units in 2023-24.
• India is the second largest producer of mobile phones in the world after China
• Mobile Phone is the fourth-largest export commodity from India in 2023-24.
• The United States of America is the largest buyer of mobile phones followed by the UAE and the Netherlands. 

Pharmaceutical Exports:

• The export of Pharmaceuticals during 2023-24 was USD 27.85 billion as compared to USD 15.07 billion in 2013-14.
• India is the 3rd largest producer of drug and pharmaceutical products by volume.
• The top five destinations for pharmaceutical exports in 2023-24 were - the United States of America, Belgium, South Africa, the United Kingdom, and Brazil.

Engineering Goods : 

• The export of Engineering goods grew from  USD 62.26 billion in 2013-14 to USD 109.32 billion in 2023-24.
• The top five major export markets were the United States of America, the UAE, Germany, Italy, and Singapore.

Agricultural Exports:

• Agricultural exports from India increased from USD 22.70 billion in 2013-14 to USD 48.15 billion in 2023-24.

Foreign Trade Policy 2023

• The Union Ministry of Commerce implemented the Foreign Trade Policy on 1 April 2023. 
• The Foreign Trade Policy has set sector-specific targets to achieve the goal of USD two trillion in exports by 2030. 
• It aims at USD one trillion-dollar merchandise exports and one trillion-dollar services exports by 2030.