India has achieved a record overall export of $776.68 billion in the financial year ended March 31 vs $776.40 billion exports in the previous year.
Ashwini Kumar, President, Federation of Indian Export Organisations said that the export numbers are a testament to the country’s resilience and grit. “An impressive increase in overall export growth despite the geopolitical tensions especially the Russia-Ukraine war, Red Sea crisis, tight monetary stance by the developed world and falling commodity prices posing challenge, portrays the full dedication and commitment of the sector, which has continuously been braving such odds post-Covid,” he said.
The major growth drivers of merchandise exports during the FY 2023-24 were electronic goods, drugs & pharmaceuticals, engineering goods, iron ore, cotton yarn/fabs./made-ups, handloom products etc. and ceramic products and glassware.
Kumar reiterated that recent tension in West Asia, especially the threat of consignments routing through the Red Sea has further added to the woes of the exporting community, as the freight rates along with the insurance cost have gone up unimaginably high, with the burden of various surcharges.
