India’s overall exports (merchandise + services) estimated to surpass last year’s highest record, hit 12-month high of $41.68 billion in March

Apr 16, 2024 India Shipping News

NEW DELHI : India’s overall exports (Merchandise and Services combined) in March 2024* is estimated to be USD 70.21 Billion, exhibiting a negative growth of (-) 3.01 per cent over March 2023. Overall imports in March 2024* is estimated to be USD 73.12 Billion, exhibiting a negative growth of (-) 6.11 per cent over March 2023.

The sharp drop in India’s import bill during March was led by gold imports, which fell a sharp 53.6% in March to $1.53 billion, and aided by a drop in non-oil, non-gold imports. However, silver imports jumped nearly 1059% to $816.6 million.

March’s relatively strong export tally, coming on the back of a $41.4 billion figure in February, lifted the generally weak merchandise shipments tally for 2023-24 somewhat. While goods exports in the first ten months averaged $35.4 billion, the last two months’ spike lifted the full year export figure to $437.1 billion, 3.1% below the record $451.1 billion performance in the previous year.

Goods imports dropped by a sharper 5.41% to $677.24 billion in 2023-24, which helped moderate India’s trade deficit for the year to $240.2 billion, 9.33% lower than the preceding year.

While official numbers for Services exports are only available till February, the Commerce Ministry estimated that they shrank 6.2% in March to $28.5 billion, while imports dropped 6.6% to $15.8 billion. Despite last month’s contraction, overall services exports are estimated to have risen 4.4% in 2023-24 to nearly $340 billion, while imports dropped 2.5% to $177.6 billion, the ministry said.

India’s overall merchandise and services exports are thus, reckoned to have risen 0.04% in 2023-24 to $776.68 billion, while total imports are estimated at $854.8 billion, reflecting a 4.81% decline over 2022-23, the ministry said.

The easing of the goods trade deficit last month isexpected to augur well for the current account balance in the final quarter of 2023-24, said ICRA Chief Economist Aditi Nayar. “We may witness a small, transient surplus of about $1-2 billion in the quarter,” she reckoned.

Table 1: Trade during March 2024*

		March 2024(USD Billion)	March 2023(USD Billion)
Merchandise	Exports	41.68	41.96
Imports	57.28	60.92
Services*	Exports	28.54	30.44
Imports	15.84	16.96
Overall Trade(Merchandise +Services) *	Exports	70.21	72.40
Imports	73.12	77.88
Trade Balance	-2.91	-5.48

Fig 1: Overall Trade during March 2024*

• India’s overall exports (Merchandise and Services combined) in FY 2023-24 (April-March)* are estimated to be USD 776.68 Billion, exhibiting a positive growth of 0.04 per cent over FY 2022-23 (April-March). Overall imports in FY 2023-24 (April-March)* are estimated to be USD 854.80 Billion, exhibiting a negative growth of (-) 4.81 per cent over FY 2022-23 (April-March).

Table 2: Trade during FY 2023-24 (April-March)*

		2023-24(USD Billion)	2022-23 (USD Billion)
Merchandise	Exports	437.06	451.07
Imports	677.24	715.97
Services*	Exports	339.62	325.33
Imports	177.56	182.05
Overall Trade(Merchandise+ Services)*	Exports	776.68	776.40
Imports	854.80	898.01
Trade Balance	-78.12	-121.62

Fig 2: Overall Trade during FY 2023-24 (April-March)*

MERCHANDISE TRADE

• Merchandise exports in March 2024 were USD 41.68 Billion, as compared to USD 41.96 Billion in March 2023.
• Merchandise imports in March 2024 were USD 57.28 Billion, as compared to USD 60.92 Billion in March 2023.

Fig 3: Merchandise Trade during March 2024

• Merchandise exports for the period FY 2023-24 (April-March) were USD 437.06 Billion as against USD 451.07 Billion during FY 2022-23 (April-March).
• Merchandise imports for the period FY 2023-24 (April-March) were USD 677.24 Billion as against USD 715.97 Billion during FY 2022-23 (April-March).
• The merchandise trade deficit for FY 2023-24 (April-March) was estimated at USD 240.17 Billion as against USD 264.90 Billion during FY 2022-23 (April-March).

Fig 4: Merchandise Trade during FY 2023-24 (April-March)

• Non-petroleum and non-gems & jewellery exports in March 2024 were USD 33.67 Billion, compared to USD 30.87 Billion in March 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in March 2024 were USD 35.21 Billion, compared to USD 36.51 Billion in March 2023.

Table 3: Trade excluding Petroleum and Gems & Jewellery during March 2024

	March 2024(USD Billion)	March 2023(USD Billion)
Non- petroleum exports	36.29	33.61
Non- petroleum imports	40.05	42.90
Non-petroleum & Non Gems & Jewellery exports	33.67	30.87
Non-petroleum & Non Gems & Jewellery imports	35.21	36.51

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during March 2024

• Non-petroleum and non-gems & jewellery exports during FY 2023-24 (April-March) was USD 320.21 Billion, as compared to USD 315.64 Billion in FY 2022-23 (April-March).
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 422.80 Billion in FY 2023-24 (April-March) as compared to USD 435.54 Billion in FY 2022-23 (April-March).

Table 4: Trade excluding Petroleum and Gems & Jewellery during FY 2023-24 (April-March)

	2023-24(USD Billion)	2022-23 (USD Billion)
Non- petroleum exports	352.92	353.60
Non- petroleum imports	497.62	506.55
Non-petroleum & Non Gems & Jewellery exports	320.21	315.64
Non-petroleum & Non Gems & Jewellery imports	422.80	435.54

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during FY 2023-24 (April-March)

SERVICES TRADE

• The estimated value of services export for March 2024* is USD 28.54 Billion, as compared to USD 30.44 Billion in March 2023.
• The estimated value of services import for March 2024* is USD 15.84 Billion as compared to USD 16.96 Billion in March 2023.

Fig 7: Services Trade during March 2024*

• The estimated value of services export for FY 2023-24 (April-March)* is USD 339.62 Billion as compared to USD 325.33 Billion in FY 2022-23 (April-March).
• The estimated value of services imports for FY 2023-24 (April-March)* is USD 177.56 Billion as compared to USD 182.05 Billion in FY 2022-23 (April-March).
• The services trade surplus for FY 2023-24 (April-March)* is estimated at USD 162.05 Billion as against USD 143.28 Billion in FY 2022-23 (April-March).

Fig 8: Services Trade during FY 2023-24 (April-March)*