This page is for information purpose only. Interested exporters may contact APEDA – Agricultural & Processed Food Products Export Development Authority at apeda.gov.in
FY24 witnessed healthy trade figures, with overall exports (merchandise and trade combined) estimated to have reached US$ 323.19 billion from April-August 2023. Link
India continues to have among the largest foreign exchange reserves in the world. As of September 29 2023, India’s total foreign exchange reserves stood at US$ 586908 million. Link
Latest highlights of India’s international trade during FY24:
- Merchandise exports in August 2023 were estimated to be USD 34.48 Billion
- Merchandise imports in August 2023 were estimated to be USD 58.64 Billion
- The estimated value of services exported for August 2023 is USD 26.39 Billion
- The estimated value of services imported for August 2023 is USD 13.86 Billion
- India’s overall exports (Merchandise and Services combined) in August 2023 is estimated to be USD 60.87 Billion
Even last year, India’s trade exhibited an impressive performance, with the country’s overall export (Merchandise and Services combined) of US$ 641.24 Billion in April-January 2022-23, compared to US$ 546.55 in April-January 2021-22. Link
Merchandise exports reached US$ 369.25 billion in April-January 2022-23, compared to US$ 340.28 billion in the same period in the previous year. Service exports, on the other hand, reached US$ 272.00 billion in April-January 2022-23, compared to US$ 206.28 billion in the same period in the previous year. Link
On the back of India’s growing capabilities in manufacturing, technology, manpower and R&D and services capabilities, which helped tackle international trade uncertainties and cyclical economic downturn in the past, India has been one of the first countries to bounce back. With constant expansion in capacity and skills, India’s export market – merchandise as well as services – has been expanding into new geographies, by pursuing geography-specific and product-specific strategies to increase market share.
The implementation of Atmanirbhar Bharat package and calibrated unlocking of the economy have ensured that economic recovery in India has regained momentum and the adverse impact on foreign trade has been mitigated.