India’s merchandise exports in March declined marginally to $41.68 billion, while for the entire 2023-24 it dipped 3.11 per cent to $ 437.06 billion, the government data said on Monday.

A much larger decline in imports pushed the trade deficit to an 11-month low of $15.6 billion.

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The overall exports (Merchandise and Services combined) in FY 2023-24 are estimated to be USD 776.68 Billion, exhibiting a positive growth of 0.04 per cent over FY 2022-23.

Further, the overall imports in FY 2023-24 are estimated to be USD 854.80 billion, exhibiting a negative growth of (-) 4.81 per cent over FY 2022-23, the data from the Commerce Ministry said.

While speaking to the media, on a query on escalation of the crisis in the Middle east, Commerce Secretary Sunil Barthwal, who was briefing about the trade data, said the ministry was monitoring the situation and will take appropriate action.

“This year was very difficult from a trade point of view, owing to geopolitical conflicts. But we have beaten all odds, and in total exports, we have crossed last year’s number,” said Barthwal, noting that the combined trade deficit, including services, will likely be down 35.8 per cent from last year.

Merchandise exports in FY24 were USD 437.06 billion as against USD 451.07 billion during FY23. While the merchandise imports in FY24 were USD 677.24 billion as against USD 715.97 billion during FY23.

The merchandise trade deficit for FY 2023-24 was estimated at USD 240.17 billion as against USD 264.90 billion during FY 2022-23.

Non-petroleum and non-gems and jewellery exports in FY 2023-24 was USD 320.21 billion as compared to USD 315.64 billion in FY 2022-23 while the imports were USD 422.80 billion in FY24 as compared to USD 435.54 billion in FY23.

For the services exports, the ministry said the estimated value for FY 2023-24 is USD 339.62 billion as compared to USD 325.33 billion in FY 2022-23.

The estimated value of services imports for FY 2023-24 is USD 177.56 Billion as compared to USD 182.05 Billion in FY 2022-23.

The services trade surplus for FY 2023-24 is estimated at USD 162.05 billion as against USD 143.28 billion in FY 2022-23, it said.