N L Correspondent
India's merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade.
Imports, too, declined in March as well during the entire 2023-24. Trade deficit, or the gap between imports and exports, narrowed 17.74 per cent in March to $15.6 billion and came down 9.33 per cent to $240.17 billion in FY24.
Gold imports, which surged 30 per cent during the fiscal year to $45.54 billion, was one of the major contributors to trade deficit.
Replying to a query on escalation of the crisis in the Middle East, commerce secretary Sunil Barthwal, who was briefing about the trade data, said the ministry was monitoring the situation and will take “appropriate action”.
However, he did not elaborate due to the Model Code of Conduct in place ahead of the Lok Sabha elections.
The secretary, however, added that diversification of India's exports helps in mitigating impact of regional conflicts. The overall exports (merchandise + services) are estimated to surpass last year's highest record, the secretary said. It is estimated to reach $776.68 billion in 2023-24 as compared to $776.40 billion in 2022-23. Barthwal said March witnessed the highest monthly merchandise exports during 2023-24 at $41.68 billion.
Main drivers of merchandise export growth in 2023-24 include electronic goods, drugs and pharmaceuticals, engineeringg oods, iron ore, cotton yarn/fabs/made-ups, handloom products and ceramic products and glassware. Electronic goods exports increased 23.64 per cent from $23.55 billion in 2022-23 to $29.12 billion in 2023-24. Drugs and pharmaceuticals exports increased 9.67 per cent from $25.39 billion in 2022-23 to $27.85 billion during the fiscal year.
