India’s exports increase to 115 countries out of total 238 destinations in FY24: Commerce ministry

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The commerce ministry in its latest data has showed that India’s exports have increased to as many as 115 countries out of the total 238 destinations during 2023-24 despite the global economic uncertainties. These 115 export destinations, which account for 46.5 per cent of India’s export basket, include the US, UAE, Netherland, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy.

According to the data, the country’s merchandise exports dipped by 3 per cent to $437.1 billion in 2023-24. However, services exports rose to $341.1 billion in 2023-24 as against $325.3 billion in 2022-23. Despite persistent global challenges, overall exports (goods and services together) hit the highest level in 2022-23. Overall exports reached $778.2 billion in 2023-24 as compared to $776.4 billion in 2022-23, registering a marginal growth of 0.23 per cent.

It further stated that the share of India’s merchandise exports has also increased marginally from 1.70 per cent in 2014 to 1.82 per cent in 2023. India’s rank in world merchandise exporters too has improved from 19th to 17th during the same period. Further, India’s export to its top 10 destinations witnessed a 13 per cent year-on-year increase in 2023-24. The UAE has emerged as the primary destination, with a substantial 12.71 per cent growth in export value at $35.6 billion. Similarly, exports to Singapore that surged by 20.19 per cent to $14.4 billion, to the UK (up 13.30 per cent to $13 billion), and to China (up 8.70 per cent to $16.7 billion) also recorded healthy growth indicating a sustained demand for Indian products.

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