Indian exports up in 115 nations out of 238 destinations in 2023-24

Indian exports up in 115 nations out of 238 destinations in 2023-24

Daily Current Affairs   /   Indian exports up in 115 nations out of 238 destinations in 2023-24

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Category : Miscellaneous Published on: May 13 2024

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  • According to the Union Ministry of Commerce, India has achieved among 115 countries with a record number of positive growth rates in its exports in 2023-24.
  • In the same period, India rated a decline in its imports from 124 countries, which could result in economic conditions.
  • According to the Union Ministry of Commerce and Industry, India exported total merchandise at $437.06 billion in 2023-24, reflecting a decline of about 3 per cent over the previous fiscal year 2022-23.
  • However, services exports increased to the standard of $341.1 billion in 2023-24 from $325.33 billion in the previous year 2022-23.
  • Among India's top 10 export markets, Indian exports registered a growth of 13 per cent.
  • In 2023-24, the United Arab Emirates (UAE) became India's major goods export market. India's exports to the UAE stood at USD 35.6 billion, up 12.71 per cent year-on-year.
  • Singapore's exports increased by 20.19 percent to $ 14.4 billion. China's exports increased by 8.70% and led to exports of $16.7 billion.
  • Albania recorded faster export growth of 234.97 percent, Romania 138.84 percent, and Russia 35.41 percent.
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