In a recent announcement, the Commerce Ministry disclosed quick estimates of exports and imports for March 2024, shedding light on the overall trade performance. The report also includes a comprehensive analysis of export figures for the fiscal years 2003-04, 2013-14, and 2023-24, offering valuable insights into the country’s trade dynamics.
Notable findings indicate a significant increase in merchandise exports over the past two decades, with figures skyrocketing from $63.84 billion in 2003-04 to $437.06 billion in 2023-24. While services exports have also surged, surpassing the growth rate of merchandise exports, the sector-wise breakdown reveals intriguing trends.
Key observations include the steady dominance of petroleum products and engineering goods in the export basket, while the shares of gem and jewellery exports have declined substantially. Moreover, the regional distribution of exports highlights North America, Europe, and Asia as the primary destinations, underscoring the need for nuanced policy considerations to capitalise on emerging opportunities and address existing challenges in the global trade landscape.
