Country India’s merchandise exports declined marginally to $41.68 billion in March due to geopolitical tensions, while it declined by 3.11 percent to $437.06 billion in the entire financial year 2023-24. According to trade data released by the Commerce Ministry on Monday, the country’s imports also declined by 5.98 percent to $57.28 billion in the month of March. In this way, the country’s trade deficit in the last month of the financial year 2023-24 stood at $15.6 billion. The difference between export and import figures is called trade deficit.
Total imports in 2023-24 were $677.24 billion
According to official data, total imports during the financial year 2023-24 stood at $ 677.24 billion, which is 5.41 percent less than $ 715.97 billion for the year 2022-23. The country’s trade deficit during this period was $240.17 billion. Giving information about trade data, Commerce Secretary Sunil Barthwal said that the ministry is keeping an eye on the situation in West Asia and ‘appropriate action’ will be taken accordingly.
Goods exports worth 41.68 billion dollars were made in March
Barthwal said that the total export of goods and services from the country is expected to surpass the highest record level of $ 776.68 billion in the year 2022-23. It was $776.40 billion in the financial year 2022-23. He said that goods worth $41.68 billion were exported in March, which is the highest in the last financial year. The growth in merchandise exports throughout the financial year has been driven by electronic products, drugs and medicines, engineering goods, iron ore, cotton yarn, handloom products and ceramic products and glass utensils.
Export of engineering goods reached 109.32 billion dollars in 23-24
Exports of electronic products increased by 23.64 percent to $29.12 billion in 2022-23 from $23.55 billion. During this period, export of drugs and medicines increased by 9.67 percent from $25.39 billion to $27.85 billion. The data shows that exports of engineering goods increased by 2.13 percent to $109.32 billion in 2023-24. The Commerce Ministry said that the country’s total trade deficit is estimated to improve by 35.77 percent from $ 121.62 billion in the financial year 2022-23 to $ 78.12 billion in 2023-24.
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