India’s merchandise exports to reach US$ 500 billion by FY25: FIEO

In the 2023-24 fiscal year, merchandise exports declined by over 3%

May 17, 2024

The Federation of Indian Export Organisations (FIEO) forecasts that services exports will reach US$ 390-400 billion in the current fiscal year

FIEO President Ashwini Kumar shared the export targets and projections during a recent press briefing

Traditional markets such as the US and Europe are expected to significantly contribute to the growth of India's exports

The FIEO is optimistic about achieving merchandise export figures between US$500-510 billion for the fiscal year 2024-25

The Federation of Indian Export Organisations (FIEO) projects that the country’s merchandise exports will grow by approximately US$ 60-70 billion, reaching US$ 500 billion by the end of the fiscal year 2025.

Despite the challenges faced in the 2023-24 fiscal year, when exports fell by over 3% to US$ 437 billion, FIEO President Ashwini Kumar remains optimistic. He anticipates that services exports will demonstrate resilience, reaching US$390-400 billion this fiscal year. 

The strategic focus is to propel merchandise exports to a range of US$500-510 billion in 2024-25, while services exports are expected to maintain a robust performance, hovering around US$390-400 billion this year. 

President Ashwini Kumar highlighted the pivotal role that traditional markets such as the US and Europe will play in driving India’s export growth. 

Source: Economic Times

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