Indian Export Performance in 2023-24 under Minister Piyush Goyal

In 2023-24, India experienced positive export growth to 115 out of 238 countries/territories, with major gains seen in key markets such as the USA, UAE, China, and the UK. However, import declined from 124 countries during this period.

Merchandise vs. Service Exports

While merchandise exports saw a slight decline of 3%, totaling $437.06 billion, service exports surged to $341.1 billion. Despite this dip, the combined export (Merchandise plus Services) reached $778.2 billion, marking a marginal growth of 0.23%.

India’s Global Export Share and Ranking

India’s share in the world export market marginally increased to 1.82% in 2023, with its rank improving from 19th to 17th. This indicates a steady ascent in India’s export prowess on the global stage.

Key Export Highlights

Exports to major destinations grew by 13%, with the UAE emerging as the largest export market, followed by significant increases in Singapore and China. Noteworthy spikes were observed in exports to Albania, Romania, and Russia.

Region-wise Export Performance

In various regions, including the Commonwealth of Independent States, Oceania, and Europe, Indian exporters recorded notable positive growth, reflecting diversified market penetration strategies.

Commodities Export and Import Trends

While certain sectors like engineering, electronics, and pharmaceuticals saw positive growth, there was a decline in petroleum products and gems/jewelry exports. Import-wise, there was a decline to $677.24 billion, with the top 10 source countries constituting 59.3% of India’s import basket.