New Delhi: In November, India's total exports, encompassing both merchandise and services, reached USD 67.79 billion, reflecting a 9.6% increase compared to the same month last year, according to data released by the Commerce Ministry on Monday. In November of the previous year, exports amounted to USD 61.85 billion.
While merchandise exports saw a decline from USD 33.75 billion to USD 32.11 billion, service exports experienced a significant rise, increasing from USD 28.11 billion to USD 35.67 billion during the same period.
For the period from April to November in the fiscal year 2024-25, India's total exports have reached approximately USD 536.25 billion, marking a 7.60% year-on-year increase from USD 498.33 billion during the corresponding period last year. The government remains optimistic about achieving its annual export target of USD 800 billion.
Additionally, the country's imports also rose year-on-year in November, a trend that has been consistent since September and October. The total imports, combining both merchandise and services, surged from USD 68.74 billion to USD 87.63 billion.
As a result, the trade deficit, which represents the gap between exports and imports, widened from USD 66.91 billion to USD 82.95 billion for the fiscal year 2024-25.
Commerce Secretary Sunil Barthwal stated, "Our export strategy is centered on 20 countries where we believe there is significant export potential this year and in the coming years."
He added, "We are also concentrating on six manufacturing sectors where India has established strong production capabilities and where we see considerable export potential. Additionally, we have identified six service sectors, including IT, that hold promise. We have been conducting meetings with our missions to strategize for these 20 countries and are planning further discussions with various missions based on timelines."
In the financial year 2023-24, India achieved unprecedented export levels, totaling USD 778 billion. This marked an increase from the previous year's combined exports of goods and services, which amounted to USD 776.3 billion in 2022-23.
Breaking it down, service exports increased from USD 325.3 billion to USD 341.1 billion in 2023-24. However, merchandise exports experienced a slight decline, falling from USD 451.1 billion to USD 437.1 billion.
The overall trade deficit saw a notable improvement, decreasing from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
Among the various initiatives undertaken by the government was the introduction of a Production Linked Incentive (PLI) scheme across multiple sectors, including electronics. This initiative aimed to enhance the global competitiveness of Indian manufacturers, attract investments, boost exports, integrate India into the global supply chain, and reduce reliance on imports. These measures appear to have yielded positive results.
