New Delhi: The economic survey of 2023-24 tabled in parliament today, indicates a significant growth in India’s exports over the past few years.
“The numbers indicate that India is gaining market share in global exports of goods and services. Its share in global goods exports was 1.8 per cent in FY24, against an average of 1.7 per cent during FY16-FY20. Similarly, its share in global services exports rose to 4.3 per cent in FY23 from an average of 3.3 per cent during FY16-FY20,” the report mentioned
The survey further observed that the positive momentum of exports extended into FY23, with India’s overall exports crossing USD 776 billion.
However, the overall imports also increased to USD 898 billion in FY23 compared to USD 760.1 billion in FY22, as per the document.
Indian exports have been growing since financial year (FY) 2017 with the exception of slowdown observed in FY 2020, the economic survey of 2023-24 revealed on Monday which was tabled in the parliament ahead of the union budget.
Globally, India’s services exports constituted 4.4 per cent of the world’s commercial services exports in 2022. Post-pandemic, services exports have maintained a steady momentum and accounted for 44 per cent of India’s total exports in FY24.
The survey document noted that the slowdown in overall exports in FY 2020 was registered due to the outbreak of the global pandemic, which halted this trend. However, the country’s exports rebounded significantly in FY 2022. The overall export constitutes the total merchandise and services exported from the country.
According to the economic survey document despite the persistent global challenges, overall exports in FY24 surpassed the FY23 record, growing by 0.23 per cent, and overall imports in FY24 declined by 4.9 per cent despite robust domestic demand.
Registering a robust beginning, during the first two months of FY25, overall exports increased to USD 133.6 billion, compared to USD 122.4 billion in the corresponding period of the previous year. During the same time period, overall imports also increased from USD 136.4 billion to USD 149.9 billion, leading to a widening of the overall trade deficit from USD 14 billion to USD 16.3 billion, as observed in the document.
India’s share in world merchandise exports stood at 1.8 per cent during the calendar year 2022, and the share of commercial Services Exports remained at 4.4 per cent during the same period. The country’s share in world merchandise plus services exports remained at 2.4 per cent, compared to 2.2 per cent in 2021.
On the other hand, the country’s share of World Merchandise Imports stood at 2.8 per cent in 2022, with an increase compared to 0.3 per cent at 2.5 per cent in 2021. The Share in World Commercial Services Imports stood at 4.0 per cent in 2022, an increase of 0.5 per cent of 3.5 per cent in 2021. The share of India’s World Merchandise Plus Services Imports stood at 3.0 per cent in 2022.
(With inputs from ANI)
