In FY24, goods exports fell 3.11% to $437 billion

Due mostly to ongoing geopolitical unrest and a decline in international commerce, India’s goods exports decreased slightly in March to $41.69 billion and by 3.11 percent to $437.06 billion over the previous fiscal year.

For the whole year 2023–24, imports also decreased in March. The difference between imports and exports, or trade imbalance, decreased 17.74% in March to $15.6 billion and 9.33% to $240.17 billion in FY24.

During the fiscal year, imports of gold increased by 30% to $45.54 billion, which was one of the main causes of the trade imbalance.

Regarding the worsening of the Middle East issue, Commerce Secretary Sunil Barthwal said that diversifying India’s exports lessens the effects of hostilities.