New Delhi, Apr 16 (KNN) The Commerce Ministry has estimated India’s overall exports at USD 776.68 billion in the financial year 2023-24, despite facing global headwinds and challenges.

Although the increase was marginal compared to the previous year's record of USD 776.40 billion, the growth was driven by strong services exports, which offset a 3.11 per cent contraction in merchandise exports.

Merchandise exports declined to USD 437.06 billion in FY24, while services exports grew by an impressive 4.4 per cent to reach a record USD 339.62 billion.

This remarkable performance in services exports compensated for the decline in merchandise exports, enabling India to surpass its overall exports figures from the previous year.

Commerce Secretary Sunil Barthwal attributed this positive growth to the government's strategic efforts in exploring new markets and expanding the country's export basket.

“We have beaten all the odds as we have surpassed the overall (exports) figures of 2022-23,” he stated.

He stated that India has beaten the odds and surpassed the overall exports figures of 2022-23, despite the adverse geopolitical developments, such as the conflicts in Ukraine and Gaza, which dampened global demand.

Barthwal highlighted the government's focus on import substitution and curbing non-essential imports, which led to a significant 35.77 per cent reduction in India's trade deficit, from USD 121.62 billion in FY23 to USD 78.12 billion in FY24.

While acknowledging the challenges posed by the recent escalation of the Israel-Iran conflict, Barthwal expressed confidence that Indian exporters are better prepared for the 2024-25 fiscal year.

The government's strategy of exploring new markets and expanding the export basket with new products helped maintain the momentum from the previous year.

(KNN Bureau)