India Achieves Remarkable 67% Growth in Total Exports Over 10 Years
Varahi media.com online news, December 7th,2024: India has witnessed impressive growth in its total exports, which surged by 67% over the past decade. In FY2023-24,
Varahi media.com online news, December 7th,2024: India has witnessed impressive growth in its total exports, which surged by 67% over the past decade. In FY2023-24, the country’s total exports reached approximately $778 billion, up from $466 billion in FY2013-14, reflecting a remarkable increase in demand for Indian products across various sectors in the global market.
India’s share in global merchandise exports has also improved from 1.66% to 1.81%, while its global ranking advanced from 20th to 17th position, as noted by Union Minister of Commerce and Industry, Piyush Goyal, in response to a Parliamentary query. This growth is largely attributed to several government initiatives designed to sustain and accelerate export performance.
According to a NITI Aayog Trade Watch report, India’s trade performance remained stable with moderate growth in the first quarter of the current financial year. The country’s total trade in H1 2024 saw a 5.45% year-on-year increase, reaching $576 billion compared to 2023.
Merchandise imports showed consistent growth, with Q1 FY25 exports rising by 5.95% to $110 billion, while imports increased by 8.40% to $173 billion, leading to a growing trade imbalance.
In Q1 FY25, India experienced a significant 33% decline in iron and steel exports, primarily due to weak domestic demand and oversupply from China, which led to excess steel in the global market.
Notably, export growth to Free Trade Agreement (FTA) partners was robust at 12%, with imports from these partners growing by 10.29%. North America accounted for 21% of India’s exports, followed by the European Union at 18.61%.
Imports were predominantly sourced from Northeast Asia, West Asia (GCC), and ASEAN, contributing to 51% of total imports. At the same time, India has seen a sharp rise in exports in key product categories, maintaining or improving its position among the top 10 global suppliers.
India’s strategic emphasis on electronics and semiconductors has also delivered impressive results, further boosting the country’s export growth.
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