India Witnesses Record High in Export Growth Amidst Global Challenges

India's exports marked a 0.7% increase in March 2024, achieving a historic high of USD 820 billion for goods and services in the last fiscal year. The trade deficit widened to USD 282.82 billion as imports rose. Key growth drivers include engineering, electronics, and pharmaceuticals.

India's exports experienced growth, turning positive after four months with a 0.7% rise to USD 41.97 billion in March. Despite global economic challenges, the overall exports of goods and services reached a record high of USD 820 billion in the last fiscal year.

The nation's trade deficit surged to USD 21.54 billion in March, compared to USD 15.33 billion a year earlier. For the fiscal year 2024-25, exports climbed marginally by 0.08% to USD 437.42 billion, while imports increased by 6.62% to USD 720.24 billion, resulting in a trade deficit of USD 282.82 billion.

Commerce Secretary Sunil Barthwal highlighted that despite challenges like geopolitical tensions and recession, merchandise exports achieved their highest-ever figures due to significant growth in sectors such as engineering, electronics, and pharmaceuticals. However, petroleum products and gems and jewellery saw declines.

(With inputs from agencies.)