Despite facing headwinds from the global economy, India’s merchandise exports in 2023-2024 will be around $450 billion and it is expected to reach around $525 billion in FY25, a senior official from the Ministry of Commerce said on Tuesday.
The government has set the target of $2 trillion exports by 2030 which includes $1 trillion of merchandise exports and $1 trillion of services exports.
India’s merchandise exports stood at $447.6 in 2022-2023, the exports jumped from $422 billion in 2021-2022. The merchandise exports hovered around $330 in the past few years. Between April-September in 2023, the merchandise exports stood at $211.40 which is lesser than $231.73 in the same period last year.
The merchandise trade deficit for April-September 2023 was estimated at $115.58 billion as against $140.83 billion during April-September 2022. On the services exports front, the estimated value of services export for April-September 2023 is $164.89 billion as compared to $156.07 billion in April-September 2022.
Analysts and experts believe that exports from India were under pressure owing to slow down and the weak demand globally. In November, India’s goods exports again plunged into contraction zone dropping by 2.83 per cent to $33.9 billion while imports also fell by 4.33 per cent to $54.48 billion.
