16th May 2024 (14 Topics)
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India’s Trade Performance in FY 2023-24
Context
India's export forecast for FY 2023-24 is estimated at US$776.68 billion, with March 2024 witnessing the highest monthly merchandise exports of US$41.68 billion. However, total goods imports decreased by 5.66 percent to US$675.44 billion during the same fiscal year.
Key-highlights
- Diversification of Export Portfolio: India aims to expand beyond traditional sectors like iron ore and agricultural commodities by diversifying into electronics, pharmaceuticals, engineering products, and food items. This initiative focuses on introducing goods such as alcohol beverages, prepared meals, confectioneries, and value-added products like jackfruit and bananas, tailored to each target market's preferences and legal requirements.
- Shift in Trading Partnerships: China has emerged as India's largest trading partner, surpassing the US, with bilateral trade totaling US$118.4 billion in FY 2023-24.
- While Indian exports to China increased by 8.7 percent, imports saw a moderate rise of 3.24 percent.
- Conversely, bilateral trade with the US amounted to US$118.3 billion, with slight decreases observed in both exports and imports.
- Global Integration and Export Market Expansion: India's merchandise exports have advanced from 19th to 17th place globally, with a marginal increase in share.
- Export destinations include key markets like the US, UAE, China, and others, representing 46.5 percent of India's export portfolio.
- While overall merchandise exports experienced a decline, services exports increased to US$341.1 billion in FY 2023-24.
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