India is hopeful of exceeding $800 billion in exports this fiscal year with overall exports crossing $200 billion in the first quarter of the fiscal.
“The quarterly figures are quite optimistic. If this trend continues, we will be crossing $800 billion in exports this fiscal,” said Commerce Secretary Sunil Barthwal on Monday.
According to the provisional trade data released by the commerce ministry, India’s overall exports (including goods and services) amounted to $200.3 billion in April to June 2024 as against $184.5 billion in the first quarter of the last fiscal.
This was the highest-ever exports by India in the first quarter of a fiscal. Merchandise imports during April-June 2024 were $172.23 billion, compared to $160.05 billion a year ago.
In the month of June, merchandise exports grew 2.55 percent to $35.2 billion compared to $34.32 billion in June 2023. Meanwhile, merchandise imports in June 2024 grew by 5 percent to $56.18 billion as compared to $53.51 billion in June 2023. The trade deficit in June 2024 was at $ 20.98 billion.
Commerce and Industry Minister Piyush Goyal had also previously said that India’s exports are likely to cross $800 billion this fiscal despite external headwinds.
Briefing reporters, Barthwal noted that various forecasts have projected positive global economic growth and inflation is also seen to be easing. If the trend continues, then exports would grow and would benefit India, which is one of the drivers of global exports growth. “But there are lots of ifs and buts,” he noted, adding that much would depend on geo political developments.
To boost its export growth, India is targeting 20 countries of significance and six major sectors including engineering goods, textiles and apparels, electronics, pharmaceuticals, chemicals and plastics, and agriculture and allied products. “This was we can take advantage of growth factors in these sectors and economies,” Barthwal further noted.