Goods exports decline 3.11% to $437 billion in FY24

New Delhi, April 15

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India’s merchandise exports dipped marginally in March to $41.69 billion, and by 3.11 per cent during the last fiscal year to $437.06 billion mainly due to continued geopolitical turmoil, and depressed global trade.

Imports, too, declined in March as well during the entire 2023-24. Trade deficit, or the gap between imports and exports, narrowed 17.74 per cent in March to $15.6 billion and came down 9.33 per cent to $240.17 billion in FY24.

Gold imports, which surged 30 per cent during the fiscal year to $45.54 billion, was one of the major contributors to trade deficit.

On escalation of the crisis in the Middle East, Commerce Secretary Sunil Barthwal said diversification of India’s exports helps in mitigating impact of conflicts.