Overview of India's Export Performance

Published: 10th May, 2024

Context

India's export landscape has witnessed notable developments, despite global economic uncertainties.

Export Destinations and Performance

India exported to 115 countries out of 238 destinations in 2023-24, encompassing key markets like the US, UAE, China, and UK.
Merchandise exports slightly declined to USD 437.1 billion, while services exports rose to USD 341.1 billion in 2023-24. India's share in world merchandise exports increased from 1.70% in 2014 to 1.82% in 2023 and rank in world merchandise exporters improved from 19th to 17th during the same period.
Overall exports reached USD 778.2 billion in 2023-24, with a marginal growth of 0.23% compared to the previous year.
Commodity-wise Performance: 17 items saw increased exports in 2023-24, constituting 48.4% of India's export basket. Notable decline in petroleum products (-13.66%) and gems and jewellery (-13.83%).
Key Export Destinations: UAE emerged as the primary destination with a 12.71% growth, followed by Singapore, UK, and China. Significant growth rates were observed in countries like Russia, Romania, and Albania, indicating new market exploration.
Regional Export Growth
- Exports to CIS, Oceania, and Europe witnessed expansion in 2023-24.
- Key export drivers in CIS region: Russia, Uzbekistan, Ukraine, Armenia, and Tajikistan.
- Major export growth in Oceania: Australia, Timor Leste, Samoa, Vanuatu, and Solomon Island.
- Notable export growth in Europe: UK, Romania, Albania, Netherland, and Greece.

Imports declined from 124 countries in 2023-24.
Top 10 source countries for imports include China, USA, Saudi Arabia, Indonesia, Russia, and Switzerland.
Decline in imports from countries like UAE, Qatar, Kuwait, and Oman indicates the need for bolstering trade relations.