India’s Exports Reach USD 200 Billion in First Quarter of 2024-25

Government Optimistic About USD 800 Billion Target

New Delhi, India – In the first quarter of 2024-25 (April-June), India’s exports crossed the USD 200 billion mark. The government is hopeful of achieving its full-year target of USD 800 billion. Commerce Secretary Sunil Barthwal expressed this optimism while releasing India’s trade data for June.

In June, India’s overall exports, including merchandise and services, amounted to USD 65.47 billion, a 5.4% increase from the previous year. Merchandise exports rose from USD 34.32 billion to USD 35.20 billion, and services exports increased from USD 27.79 billion to USD 30.27 billion.

In May, combined merchandise and services exports were USD 68.29 billion, a 10.2% rise year-on-year. Imports also increased in June, reaching USD 73.47 billion, a 6.3% rise from the previous year.

In the financial year 2023-24, India recorded exports of USD 778 billion, up from USD 776.3 billion in 2022-23. Services exports rose from USD 325.3 billion to USD 341.1 billion, while merchandise exports slightly declined from USD 451.1 billion to USD 437.1 billion.

The government launched a Production Linked Incentive (PLI) scheme in various sectors, including electronic goods, to boost competitiveness, attract investments, enhance exports, and reduce import dependency. This initiative has shown positive results.

Countries like China, Russia, Iraq, UAE, and Singapore saw substantial increases in India’s exports in the last financial year. Other top export destinations included the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.

Overall imports decreased from USD 898.0 billion in 2022-23 to USD 853.8 billion in 2023-24. The trade deficit improved significantly from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.