New Delhi: India's merchandise exports declined marginally to US$ 41.6 billion in March, and 3.11 per cent to US$ 437.06 billion during the last financial year, mainly due to geopolitical turmoil and decline in global trade. Is.
Imports also declined in March throughout 2023-24. The trade deficit, or the difference between imports and exports, declined 17.74 per cent to US$15.6 billion in March and 9.33 per cent to US$240.17 billion in fiscal 2014.
Gold imports, which rose 30 percent to US$45.5 billion during the fiscal year, were one of the major contributors to the trade deficit.
Responding to a question on the escalating crisis in the Middle East, Commerce Secretary Sunil Barthwal, who was briefing on trade data, said the ministry is monitoring the situation and will take "appropriate action".However, he did not elaborate on the reasons behind the Model Code of Conduct ahead of the Lok Sabha elections.
However, the secretary said diversification of India's exports helps mitigate the impact of regional conflicts.
The Secretary said that total exports (goods + services) are estimated to surpass last year's highest record.
It is estimated to reach US$ 776.68 billion in 2023-24 as compared to US$ 776.4 billion in 2022-23.
Barthwal said March witnessed the highest monthly merchandise exports of US$ 41.68 billion during 2023-24.The main drivers of merchandise export growth in 2023-24 include electronic goods, drugs and pharmaceuticals, engineering products, iron ore, cotton yarn/fab/made-up, handloom products and ceramic products and glassware.
Exports of electronic goods to increase by 23.64 per cent from US$ 23.55 billion in 2022-23 to US$ 29.12 billion in 2023-24.
Exports of drugs and pharmaceuticals increased by 9.67 per cent to US$ 27.85 billion during the financial year 2022-23 from US$ 25.39 billion.
The data showed that exports of engineering goods increased by 2.13 per cent to US$ 109.3 billion in 2023-24.
The commerce ministry also said the overall trade deficit is projected to widen by 35.77 per cent from US$121.62 billion in 2022-23 to US$78.12 billion in 2023-24.Ashwani Kumar, president of the Federation of Indian Export Organizations (FIEO), said recent tensions in West Asia, especially the threat to regular consignments through the Red Sea, have further added to the troubles of the export community, as insurance costs have increased. At the same time, freight rates have also increased. , have gone up unimaginably under the burden of various overloads.
He also expressed concern that much would depend on new contracts signed with buyers during the new financial year as exporters are bearing the burden of increased freight costs as per the old agreements.
FIEO Chairman reiterated that the need of the hour is to address the challenges of geopolitical situation in the Middle East, Red Sea crisis by ensuring availability of marine insurance and rational increase in freight charges.
Meanwhile, on the much-awaited India-UK FTA, the Commerce Ministry said the 14th round of talks was completed in January.Recently, a UK team visited India (5-7 March) for talks on pending issues.
It said the teams have made good progress and most of the difficult issues are nearing resolution.
Some key priority issues are being resolved to ensure a balanced outcome.
The ministry said that a team of negotiators from India is in Britain for talks.
On India-EU FTA, the ministry said the 7th round of negotiations was completed in February 2024.It said both sides have agreed to meet virtually between sessions on a number of chapters before the start of the 8th round in Brussels in May/June.
According to commerce ministry data, the estimated value of services exports for March 2024 is US$ 28.54 billion, compared to US$ 30.44 billion in the same month last year.
Services imports are estimated at US$ 15.84 billion in March, compared to US$ 16.96 billion in March 2023.
Trade surplus in services for FY2014 is estimated at US$162.05 billion, up from US$143.28 billion in the previous fiscal year.
FIEO Director General and CEO Ajay Sahay said many shipments were delayed due to the Red Sea issue and ended in April.“Therefore, the export data for March should be seen in that perspective also,” he said.
Imports also declined in March throughout 2023-24. The trade deficit, or the difference between imports and exports, declined 17.74 per cent to US$15.6 billion in March and 9.33 per cent to US$240.17 billion in fiscal 2014.
Gold imports, which rose 30 percent to US$45.5 billion during the fiscal year, were one of the major contributors to the trade deficit.
Responding to a question on the escalating crisis in the Middle East, Commerce Secretary Sunil Barthwal, who was briefing on trade data, said the ministry is monitoring the situation and will take "appropriate action".However, he did not elaborate on the reasons behind the Model Code of Conduct ahead of the Lok Sabha elections.
However, the secretary said diversification of India's exports helps mitigate the impact of regional conflicts.
The Secretary said that total exports (goods + services) are estimated to surpass last year's highest record.
It is estimated to reach US$ 776.68 billion in 2023-24 as compared to US$ 776.4 billion in 2022-23.
Barthwal said March witnessed the highest monthly merchandise exports of US$ 41.68 billion during 2023-24.The main drivers of merchandise export growth in 2023-24 include electronic goods, drugs and pharmaceuticals, engineering products, iron ore, cotton yarn/fab/made-up, handloom products and ceramic products and glassware.
Exports of electronic goods to increase by 23.64 per cent from US$ 23.55 billion in 2022-23 to US$ 29.12 billion in 2023-24.
Exports of drugs and pharmaceuticals increased by 9.67 per cent to US$ 27.85 billion during the financial year 2022-23 from US$ 25.39 billion.
The data showed that exports of engineering goods increased by 2.13 per cent to US$ 109.3 billion in 2023-24.
The commerce ministry also said the overall trade deficit is projected to widen by 35.77 per cent from US$121.62 billion in 2022-23 to US$78.12 billion in 2023-24.Ashwani Kumar, president of the Federation of Indian Export Organizations (FIEO), said recent tensions in West Asia, especially the threat to regular consignments through the Red Sea, have further added to the troubles of the export community, as insurance costs have increased. At the same time, freight rates have also increased. , have gone up unimaginably under the burden of various overloads.
He also expressed concern that much would depend on new contracts signed with buyers during the new financial year as exporters are bearing the burden of increased freight costs as per the old agreements.
FIEO Chairman reiterated that the need of the hour is to address the challenges of geopolitical situation in the Middle East, Red Sea crisis by ensuring availability of marine insurance and rational increase in freight charges.
Meanwhile, on the much-awaited India-UK FTA, the Commerce Ministry said the 14th round of talks was completed in January.Recently, a UK team visited India (5-7 March) for talks on pending issues.
It said the teams have made good progress and most of the difficult issues are nearing resolution.
Some key priority issues are being resolved to ensure a balanced outcome.
The ministry said that a team of negotiators from India is in Britain for talks.
On India-EU FTA, the ministry said the 7th round of negotiations was completed in February 2024.It said both sides have agreed to meet virtually between sessions on a number of chapters before the start of the 8th round in Brussels in May/June.
According to commerce ministry data, the estimated value of services exports for March 2024 is US$ 28.54 billion, compared to US$ 30.44 billion in the same month last year.
Services imports are estimated at US$ 15.84 billion in March, compared to US$ 16.96 billion in March 2023.
Trade surplus in services for FY2014 is estimated at US$162.05 billion, up from US$143.28 billion in the previous fiscal year.
FIEO Director General and CEO Ajay Sahay said many shipments were delayed due to the Red Sea issue and ended in April.“Therefore, the export data for March should be seen in that perspective also,” he said.
