India's exports crossed the USD 200 billion mark in the first quarter of 2024-25 (April-June), with the government expressing optimism about reaching its full-year target of USD 800 billion.
“We are quite optimistic and confident that we will cross the USD 800 billion trade mark this year,” Commerce Secretary Sunil Barthwal said on Monday while releasing India's trade data for June.
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According to data from the Commerce Ministry, India's total exports in June, including goods and services, stood at $65.47 billion, up 5.4 percent from $62.12 billion in the same month last year.
Overall, merchandise exports rose from US$34.32 billion to US$35.20 billion, and services exports rose from US$27.79 billion to US$30.27 billion.
Combined exports of goods and services stood at US$ 68.29 billion in May, up 10.2 per cent over the previous year.
According to the data released today, the country's imports have also increased on a year-on-year basis in June. The situation was the same in May as well.
Total imports of both goods and services rose to $73.47 billion in June from $69.12 billion, an increase of about 6.3 per cent.
India recorded record exports of USD 778 billion in the recently concluded financial year 2023-24. The country's combined exports of goods and services stood at USD 776.3 billion in 2022-23.
Overall, service exports rose to US$ 341.1 billion from US$ 325.3 billion in 2023-24. However, merchandise exports declined marginally to US$ 437.1 billion from US$ 451.1 billion.
Various steps taken by the government, including the introduction of the production-linked incentive (PLI) scheme in various sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, boost exports, integrate India into global supply chains and reduce dependence on imports, appear to have paid off.
China, Russia, Iraq, UAE and Singapore are among the countries to which India's exports grew significantly in the recently concluded fiscal year, although the growth came on a low base. The list of top 10 countries also includes the UK, Australia, Saudi Arabia, Netherlands and South Africa.
Total imports declined to US$ 853.8 billion from US$ 898.0 billion in 2022-23. Exports of both goods and services declined during the financial year.
The overall trade deficit will widen from US$121.6 billion in 2022-23 to US$75.6 billion in 2023-24.