Merchandise exports to touch $450 billion in FY24, surge to $525 billion in FY25: Source

Despite facing hewinds from global economy, India’s merchandise exports in 2023-2024 will be around $450 billion and it is expected to reach around $525 billion in FY25, a senior official from Ministry of Commerce told Republic Business on Tuesday.

government has set target of $2 trillion exports by 2030 which includes $1 trillion of merchandise exports and $1 trillion of services exports.

India’s merchandise exports stood at $447.6 in 2022-2023, exports jumped from $422 billion in 2021-2022. merchandise exports hovered around $330 in past few years. Between April-September in 2023, merchandise exports stood at $211.40 which is lesser than $231.73 in same period last year.

merchandise tre deficit for April-September 2023 was estimated at $115.58 billion as against $140.83 billion during April-September 2022. On services exports front, estimated value of services export for April-September 2023 is $164.89 billion as compared to $156.07 billion in April-September 2022.

Analysts and experts believe that exports from India were under pressure owing to slow down and weak demand globally.  In November, India’s goods exports again plunged into contraction zone dropping by 2.83 per cent to $33.9 billion while imports also fell by 4.33 per cent to $54.48 billion.