India’s External Sector: Safely Navigating through Uncertainties

Merchandise Trade Depicted Resilience

  • Export Performance: India's merchandise exports showed resilience, achieving record-high levels, with a notable increase of over 50% in the past decade, reaching USD 451.1 billion in FY23. However, growth moderated in FY23 due to geopolitical tensions and continued to do so in FY24.
  • Import Decline and Trade Balance: Merchandise imports grew by 16.8% in FY23, but a decline in imports improved India's merchandise trade balance from a deficit of USD 189.2 billion (April-November 2022) to USD 166.4 billion (April-November 2023).
  • Export Diversification: While the principal commodity classification in exports remained stable, there has been progressive diversification in ....
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