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TMI BlogDespite persistent global challenges, overall exports (merchandise + services) estimated to surpass last year’s highest record. It is estimated to reach USD 776.68 Billion in FY 2023-24 as compared to USD 776.40 Billion in FY 2022-23.X X X X Extracts X X X X X X X X Extracts X X X X ..... Despite persistent global challenges, overall exports (merchandise + services) estimated to surpass last year’s highest record. It is estimated to reach USD 776.68 Billion in FY 2023-24 as compared to USD 776.40 Billion in FY 2022-23. - News and Press Release Dated:- 15-4-2024 - News - FY 2023-24 closes with highest monthly merchandise exports of the current FY in March 2024 at USD 41.68 Billion. Non-petroleum Non-Gems Jewellery exports increase by 1.45% from USD 315.64 Billion in FY 2022-23 to USD 320.21 Billion in FY 2023-24. Main drivers of merchandise export growth in FY 2023-24 include Electronic Goods, Drugs Pharmaceuticals, Engineering Goods, Iron Ore, Cotton Yarn/Fabs./made-ups, Handloom Products etc. and Ceramic products glasswar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Electronic goods exports increase by 23.64% from USD 23.55 Billion in FY 2022-23 to USD 29.12 Billion in FY 2023-24. Drugs and pharmaceuticals exports increase by 9.67% from USD 25.39 Billion in FY 2022-23 to USD 27.85 Billion in FY 2023-24. Engineering Goods exports increase by 2.13% from USD 107.04 Billion in FY 2022-23 to USD 109.32 Billion in FY 2023-24. Exports of Agricultural commodities namely Tobacco (19.46%), Fruits and Vegetables (13.86%), Meat, dairy poultry products (12.34%), Spices (12.30%), Cereal preparations miscellaneous processed items (8.96%), Oil seeds (7.43%) and Oil Meals (7.01%) exhibit positive growth in FY 2023-24. Overall trade deficit is estimated to significantly improve by 35.77% from USD 121.62 Billion in FY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2022-23 to USD 78.12 Billion in FY 2023-24; Merchandise trade deficit improves by 9.33% at USD 240.17 Billion in the current FY as compared to USD 264.90 Billion in FY 2022-23. India s overall exports (Merchandise and Services combined) in March 2024* is estimated to be USD 70.21 Billion, exhibiting a negative growth of (-) 3.01 per cent over March 2023. Overall imports in March 2024* is estimated to be USD 73.12 Billion, exhibiting a negative growth of (-) 6.11 per cent over March 2023. Table 1: Trade during March 2024* March 2024 (USD Billion) March 2023 (USD Billion) Merchandise Exports 41.68 41.96 Imports 57.28 60.92 Services* Exports 28.54 30.44 Imports 15.84 16.96 Overall Trade (Merchandise +Services) * Exports 70.21 72.40 Imports 73 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .12 77.88 Trade Balance -2.91 -5.48 * Note: The latest data for services sector released by RBI is for February 2024. The data for March 2024 is an estimation, which will be revised based on RBI s subsequent release. (ii) Data for FY 2022-23 (April-March) and April-December 2023 has been revised on pro-rata basis using quarterly balance of payments data. Fig 1: Overall Trade during March 2024* India s overall exports (Merchandise and Services combined) in FY 2023-24 (April-March)* are estimated to be USD 776.68 Billion, exhibiting a positive growth of 0.04 per cent over FY 2022-23 (April-March). Overall imports in FY 2023-24 (April-March)* are estimated to be USD 854.80 Billion, exhibiting a negative growth of (-) 4.81 per cent over FY 2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -23 (April-March). Table 2: Trade during FY 2023-24 (April-March)* 2023-24 (USD Billion) 2022-23 (USD Billion) Merchandise Exports 437.06 451.07 Imports 677.24 715.97 Services* Exports 339.62 325.33 Imports 177.56 182.05 Overall Trade (Merchandise+ Services)* Exports 776.68 776.40 Imports 854.80 898.01 Trade Balance -78.12 -121.62 Fig 2: Overall Trade during FY 2023-24 (April-March)* MERCHANDISE TRADE Merchandise exports in March 2024 were USD 41.68 Billion, as compared to USD 41.96 Billion in March 2023. Merchandise imports in March 2024 were USD 57.28 Billion, as compared to USD 60.92 Billion in March 2023. Fig 3: Merchandise Trade during March 2024 Merchandise exports for the period FY 2023-24 (April-March) were USD 437.06 Billion as aga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inst USD 451.07 Billion during FY 2022-23 (April-March). Merchandise imports for the period FY 2023-24 (April-March) were USD 677.24 Billion as against USD 715.97 Billion during FY 2022-23 (April-March). The merchandise trade deficit for FY 2023-24 (April-March) was estimated at USD 240.17 Billion as against USD 264.90 Billion during FY 2022-23 (April-March). Fig 4: Merchandise Trade during FY 2023-24 (April-March) Non-petroleum and non-gems jewellery exports in March 2024 were USD 33.67 Billion, compared to USD 30.87 Billion in March 2023. Non-petroleum, non-gems jewellery (gold, silver precious metals) imports in March 2024 were USD 35.21 Billion, compared to USD 36.51 Billion in March 2023. Table 3: Trade excluding Petroleum and Gems Jew ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellery during March 2024 March 2024 (USD Billion) March 2023 (USD Billion) Non- petroleum exports 36.29 33.61 Non- petroleum imports 40.05 42.90 Non-petroleum Non Gems Jewellery exports 33.67 30.87 Non-petroleum Non Gems Jewellery imports 35.21 36.51 Note: Gems Jewellery Imports include Gold, Silver Pearls, precious Semi-precious stones Fig 5: Trade excluding Petroleum and Gems Jewellery during March 2024 Non-petroleum and non-gems jewellery exports during FY 2023-24 (April-March) was USD 320.21 Billion, as compared to USD 315.64 Billion in FY 2022-23 (April-March). Non-petroleum, non-gems jewellery (gold, silver precious metals) imports were USD 422.80 Billion in FY 2023-24 (April-March) as compared to USD 435.54 Billion in FY 2022-23 (Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il-March). Table 4: Trade excluding Petroleum and Gems Jewellery during FY 2023-24 (April-March) 2023-24 (USD Billion) 2022-23 (USD Billion) Non- petroleum exports 352.92 353.60 Non- petroleum imports 497.62 506.55 Non-petroleum Non Gems Jewellery exports 320.21 315.64 Non-petroleum Non Gems Jewellery imports 422.80 435.54 Note: Gems Jewellery Imports include Gold, Silver Pearls, precious Semi-precious stones Fig 6: Trade excluding Petroleum and Gems Jewellery during FY 2023-24 (April-March) SERVICES TRADE The estimated value of services export for March 2024* is USD 28.54 Billion, as compared to USD 30.44 Billion in March 2023. The estimated value of services import for March 2024* is USD 15.84 Billion as compared to USD 16.96 Billion in M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arch 2023. Fig 7: Services Trade during March 2024* The estimated value of services export for FY 2023-24 (April-March)* is USD 339.62 Billion as compared to USD 325.33 Billion in FY 2022-23 (April-March). The estimated value of services imports for FY 2023-24 (April-March)* is USD 177.56 Billion as compared to USD 182.05 Billion in FY 2022-23 (April-March). The services trade surplus for FY 2023-24 (April-March)* is estimated at USD 162.05 Billion as against USD 143.28 Billion in FY 2022-23 (April-March). Fig 8: Services Trade during FY 2023-24 (April-March)* For the month of March 2024 , under merchandise exports, 17 of the 30 key sectors exhibited positive growth in March 2024 as compared to same period last year (March 2023). These incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ude Handicrafts Excl. Hand Made Carpet (128.39%), Spices (51.01%), Coffee (40.3%), Organic Inorganic Chemicals (39.67%), Tobacco (35.81%), Tea (27.05%), Electronic Goods (23.12%), Carpet (16.23%), Drugs Pharmaceuticals (12.73%), Plastic Linoleum (11.16%), Engineering Goods (10.66%), Meat, Dairy Poultry Products (8.72%), Cereal Preparations Miscellaneous Processed Items (8.23%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (6.78%), Fruits Vegetables (2.92%), RMG Of All Textiles (1.7%) and Ceramic Products Glassware (0.22%). Under merchandise imports, 18 out of 30 key sectors exhibited negative growth in March 2024. These include Gold (-53.56%), Newsprint (-36.42%), Fertilisers, Crude Manufactured (-36.23%), Leather Leather Products (-2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.67%), Vegetable Oil (-24.29%), Metaliferrous Ores Other Minerals (-22.15%), Chemical Material Products (-20.26%), Artificial Resins, Plastic Materials, Etc. (-19.87%), Organic Inorganic Chemicals (-19.29%), Pearls, Precious Semi-Precious Stones (-17.69%), Textile Yarn Fabric, Made-Up Articles (-12.17%), Cotton Raw Waste (-11.29%), Transport Equipment (-10.7%), Iron Steel (-10.1%), Wood Wood Products (-9.84%), Coal, Coke Briquettes, Etc. (-6.6%), Petroleum, Crude Products (-4.4%) and Medicinal Pharmaceutical Products (-2.85%). For FY 2023-24 (April-March) , under merchandise exports, 17 of the 30 key sectors exhibited positive growth during FY 2023-24 (April-March) as compared to FY 2022-23 (April-March). These include Iron Ore (117.74%), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Electronic Goods (23.64%), Tobacco (19.46%), Ceramic Products Glassware (14.44%), Fruits Vegetables (13.86%), Meat, Dairy Poultry Products (12.34%), Spices (12.3%), Coffee (12.22%), Drugs Pharmaceuticals (9.67%), Cereal Preparations Miscellaneous Processed Items (8.96%), Oil Seeds (7.43%), Oil Meals (7.01%), Handicrafts Excl. Hand Made Carpet (6.74%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (6.71%), Carpet (2.13%), Engineering Goods (2.13%) and Tea (1.05%). Under merchandise imports, 16 of the 30 key sectors exhibited negative growth in FY 2023-24 (April-March) as compared to FY 2022-23 (April-March). These include Cotton Raw Waste (-58.39%), Fertilisers, Crude Manufactured (-39.23%), Sulphur Unroasted Iron Pyrites (-37.51%), Veg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etable Oil (-28.63%), Pearls, Precious Semi-Precious Stones (-22.37%), Coal, Coke Briquettes, Etc. (-21.81%), Organic Inorganic Chemicals (-20.13%), Newsprint (-18.39%), Project Goods (-17.56%), Petroleum, Crude Products (-14.23%), Transport Equipment (-14.02%), Textile Yarn Fabric, Made-Up Articles (-12.98%), Pulp And Waste Paper (-12.33%), Wood Wood Products (-11.31%), Leather Leather Products (-11.26%) and Artificial Resins, Plastic Materials, Etc. (-5.51%). Services exports is projected to grow positively at 4.39 percent during FY 2023-24 (April-March) over FY 2022-23 (April-March). India s trade deficit has shown considerable improvement in FY 2023-24 (April-March). Overall trade deficit for FY 2023-24 (April-March)* is estimated at US ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D 78.12 Billion as compared to the deficit of USD 121.62 Billion during FY 2022-23 (April-March), registering a decline of (-) 35.77 percent. The merchandise trade deficit during FY 2023-24 (April-March) is USD 240.17 Billion compared to USD 264.90 Billion during FY 2022-23 (April-March), registering a decline of (-) 9.33 percent. *Link for Quick Estimates - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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