Economy News

Ministry of Commerce & Industry stated in a latest update today that India’s overall export (Merchandise and Services combined) in March 2024 is estimated to be USD 70.21 Billion, exhibiting a negative growth of (-) 3.01 per cent over March 2023. Overall import in March 2024 is estimated to be USD 73.12 Billion, exhibiting a negative growth of (-) 6.11 per cent over March 2023. India’s overall exports (Merchandise and Services combined) in FY 2023-24 (April-March) are estimated to be USD 776.68 Billion, exhibiting a positive growth of 0.04 per cent over FY 2022-23 (April-March). Overall imports in FY 2023-24 (April-March) are estimated to be USD 854.80 Billion, exhibiting a negative growth of (-) 4.81 per cent over FY 2022-23 (April-March).

The Ministry noted that Merchandise exports in March 2024 were USD 41.68 Billion, as compared to USD 41.96 Billion in March 2023. Merchandise imports in March 2024 were USD 57.28 Billion, as compared to USD 60.92 Billion in March 2023. Despite persistent global challenges, overall exports (merchandise + services) estimated to surpass last year’s highest record. It is estimated to reach USD 776.68 Billion in FY 2023-24 as compared to USD 776.40 Billion in FY 2022-23. FY 2023-24 closes with highest monthly merchandise exports of the current FY in March 2024 at USD 41.68 Billion.

India’s trade deficit has shown considerable improvement in FY 2023-24 (April-March). Overall trade deficit for FY 2023-24 (April-March) is estimated at USD 78.12 Billion as compared to the deficit of USD 121.62 Billion during FY 2022-23 (April-March), registering a decline of (-) 35.77 percent. The merchandise trade deficit during FY 2023-24 (April-March) is USD 240.17 Billion compared to USD 264.90 Billion during FY 2022-23 (April-March), registering a decline of (-) 9.33 percent.

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