India’s exports hit record USD 778.21 Billion in 2023-24, up 67% since 2013-14
NEWS:
India’s exports have reached an all-time high of USD 778.21 billion in 2023-24, marking a significant 67% increase from USD 466.22 billion in 2013-14. This surge highlights India’s growing influence in global trade, backed by robust performances in both merchandise and services exports.
Key Highlights of India’s Export Growth
- Total Exports (2023-24): USD 778.21 billion
- Growth Since 2013-14: 67%
- Merchandise Exports: USD 437.10 billion
- Services Exports: USD 341.11 billion
- Top Export Destinations: USA, UAE, Netherlands, China, Singapore, UK, Saudi Arabia, Bangladesh, Germany, Italy
- Key Growth Sectors: Electronics, Pharmaceuticals, Engineering Goods, Agriculture
Export Performance in FY 2024-25
The export momentum has carried into FY 2024-25, with cumulative exports during April-December 2024 reaching USD 602.64 billion, a 6.03% rise from USD 568.36 billion in the same period of 2023. This sustained growth reflects the success of India’s strategic trade policies, expanding manufacturing capabilities, and improved market access.
Breakdown of Export Growth
| Year | Merchandise Exports (USD Billion) | Services Exports (USD Billion) | Total Exports (USD Billion) |
| 2013-14 | 314.00 | 152.22 | 466.22 |
| 2023-24 | 437.10 | 341.11 | 778.21 |
Merchandise Exports:
- Increased from USD 314 billion in 2013-14 to USD 437.10 billion in 2023-24.
- Boosted by sectors like electronics, pharmaceuticals, and engineering goods.
Services Exports:
- Grew from USD 152 billion in 2013-14 to USD 341.11 billion in 2023-24.
- IT, financial, and business services played a crucial role in this expansion.
Top Export Destinations in 2023-24
| Country | Share of Total Exports (%) |
| USA | 17.90% |
| UAE | 8.23% |
| Netherlands | 5.16% |
| China | 3.85% |
| Singapore | 3.33% |
| UK | 3.00% |
| Saudi Arabia | 2.67% |
| Bangladesh | 2.55% |
| Germany | 2.27% |
| Italy | 2.02% |
These top 10 destinations accounted for 51% of India’s total exports in 2023-24, showcasing a well-diversified export portfolio.
Sectoral Growth in India’s Exports
- Mobile Phones:
- Exports surged to USD 15.6 billion in 2023-24 from just USD 0.2 billion in 2014-15.
- Domestic production rose from 5.8 crore units (2014-15) to 33 crore units (2023-24).
- Pharmaceuticals:
- India is the 3rd largest drug producer globally by volume.
- Exports grew from USD 15.07 billion in 2013-14 to USD 27.85 billion in 2023-24.
- Engineering Goods:
- Exports reached USD 109.32 billion in 2023-24, up from USD 62.26 billion in 2013-14.
- Agricultural Products:
- Grew from USD 22.70 billion in 2013-14 to USD 48.15 billion in 2023-24.
Government Initiatives Boosting Exports
Foreign Trade & Export Promotion
- Foreign Trade Policy (FTP) 2023: Incentivises exporters and simplifies business processes.
- Interest Equalisation Scheme (IES): Extended until August 2024 with a ₹12,788 crore allocation.
- RoDTEP & RoSCTL Schemes: Provide tax and duty reimbursements for exporters.
- Districts as Export Hubs: Infrastructure and market linkages for high-potential products.
- Trade Infrastructure for Export Scheme (TIES): Supports infrastructure development.
Infrastructure & Logistics
- National Logistics Policy (NLP) & PM GatiShakti: Reduce logistics costs and enhance connectivity.
- Production-Linked Incentive (PLI) Schemes: Boost manufacturing in key sectors with ₹1.97 lakh crore allocation.
- Bharat Mart in Dubai: Facilitates MSME exports to GCC, Africa, and CIS markets.
Ease of Doing Business & Digital Trade
- National Single Window System (NSWS): Simplifies approvals for exporters.
- Trade Connect e-Platform: Links businesses with Indian missions for seamless trade facilitation.
- E-Commerce Export Hub (ECEH): Targets $100 billion in e-commerce exports by 2030.
- ICEGATE Digital Platform: Modernises customs with e-filing and real-time tracking.
India’s export growth is a testament to its strengthened manufacturing base, strategic policy measures, and improved trade infrastructure. With continued government support, India is poised to sustain and accelerate this momentum, reinforcing its position as a global export powerhouse. The diversification into high-value sectors like electronics, pharmaceuticals, and digital trade highlights the nation’s evolving role in global commerce, ensuring long-term economic resilience and competitiveness.
(SOURCE: PIB Delhi)
