India’s Goods and Services Exports Rise by 2.65% to $73.6 Billion in March
India’s exports of goods and services went up by 2.65% in March 2024, reaching a total of $73.6 billion, according to official data released by the Ministry of Commerce. This increase shows steady demand for Indian products in global markets, despite uncertain global economic conditions.
Out of the total exports, merchandise (or goods) exports stood at $41.7 billion, while services exports contributed $31.9 billion. Both categories showed positive growth compared to the same month last year. Officials said that sectors like engineering goods, electronics, pharmaceuticals, and software services led the rise.
The government credited exporters and supportive trade policies for helping India achieve this growth. “Our exporters are showing strong resilience in a tough global environment. Their efforts are helping India’s trade sector grow steadily,” a senior commerce ministry official said.
India’s imports during March were valued at around $70 billion, which means the country recorded a trade surplus of nearly $3.6 billion for the month. A trade surplus occurs when a country exports more than it imports, which is considered good for the economy.
Experts believe that this rise in exports will help strengthen India’s economy and improve its foreign exchange reserves. They also said that the country’s focus on manufacturing, digital services, and global partnerships is paying off.
In the full financial year 2023–24, India’s total exports of goods and services are expected to cross $775 billion, which is a sign of the country’s growing strength in global trade.
The government plans to support exporters further by reducing paperwork, improving port facilities, and helping small businesses reach global markets. These steps aim to increase exports and create more jobs in the trade sector.
With this positive momentum, India is on track to boost its role in international trade and continue its path toward becoming a $5 trillion economy in the coming years.