India Registers Record Export At USD 778 Billion In 2023-24

Meanwhile, there was a decline in overall imports from USD 898.0 billion in 2022-23 to USD 853.8 billion in 2023-24.

India registered record exports growth in recent financial year of 2023-24 at USD 778 billion, as per official sources. In the financial year 2022-23, the combined value of exported goods and services stood at USD 776.3 billion.

In 2023-24, services exports increased from USD 325.3 billion to USD 341.1 billion, while merchandise exports marginally declined from USD 451.1 billion to USD 437.1 billion.

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China, Russia, Iraq, UAE, and Singapore are among the countries where India’s exports have risen substantially, though with a low base. The other countries in the Top 10 list are the UK, Australia, Saudi Arabia, the Netherlands, and South Africa.

Meanwhile, there was a decline in overall imports from USD 898.0 billion in 2022-23 to USD 853.8 billion in 2023-24.

Moreover, the trade deficit showed significant improvement, shrinking from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.

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