India registered record exports of $ 778 billion in the financial year 2024, according to sources from the commerce ministry. This marks an increase from the previous year’s exports of $776 billion.
Services exports rose from $325 billion to $341 billion, while merchandise exports marginally declined from $451 billion to $437 billion.
The government implemented several measures, such as the Production Linked Incentive in various sectors, including electronic goods, to enhance the competitiveness of Indian manufacturers, attract investments, boost exports, integrate India into the global supply chain, and reduce import dependency. These initiatives appear to have yielded positive results.
Countries such as China, Russia, Iraq, UAE, and Singapore witnessed substantial increases in Indian exports during the concluded financial year. Countries in the top 10 list were the UK, Australia, Saudi Arabia, the Netherlands, and South Korea
Africa.
Overall imports declined from $898 billion in 2022-23 to $853 billion, with decreases in both merchandise and services imports. The trade deficit improved significantly from $121 billion in 2023 to $75 billion in 2024.
In April 2024, the first month of the new financial year India’s exports (merchandise and services) rose from $60.billion to $64 billion, while imports increased from $63 billion to 71 billion. Consequently, the trade deficit in April rose from $2.6 billion to $6.5 billion on a yearly basis.
During April this year, exports of electronic goods, organic and inorganic chemicals, petroleum products, and drugs and pharmaceuticals increased, while exports of engineering goods, iron ore, gems and jewelry, marine products, and oil meal declined. On the import side, petroleum crude and products, gold, electronic goods, pulses, and vegetable oil rose, while imports of pearls, precious metals and precious stones, iron and steel, among others, declined.
Last updated: December 26th, 2025
