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Due to ongoing geopolitical challenges and declining commodity prices, goods exports in March year-on-year decreased moderately by 0.67% to $41.68 billion, reversing a pattern of expansion in the previous three months.
According to figures issued by the commerce department on Monday, outbound shipments suffered a 3.11% fall to $437.06 billion cumulatively, making March the seventh month in 2023–24 in which exports contracted.
The reduction occurred after exports increased during the previous two fiscal years. However, Commerce Secretary Sunil Barthwal expressed hope, stating that exports have entered a "positive growth cycle," notably in 2024. “This year was extremely difficult for trade. The Russia-Ukraine war continues, and other conflicts came up. There was a huge issue due to the Red Sea (crisis) and Panama Canal. There were recessionary trends as well … We have beaten all odds,” Barthwal said.
The commerce secretary said that sectors such as electronic goods, drugs, and pharmaceuticals had done well despite adversities. Even though exports contracted in March, their value in the month was the highest in FY24. According to the data, the trade deficit in March fell to an 11-month low of $15.6 billion because imports declined faster than exports.
The trade deficit narrowed from $265 billion in FY23 to $240 billion in FY24. According to Barthwal, this narrowing was due mainly to the steps the government took to curb non-essential imports and import substitution.
In March, India imported goods worth $57.28 billion, down nearly 6%, mainly on the back of lower imports of items such as coal, petroleum products, gold, and fertilisers. On a cumulative basis, growth in imports was 5.41% at $677.24 billion during FY24, the data showed.
Madan Sabnavis, chief economist at Bank of Baroda, said the decline in imports in FY24 could be attributed to lower oil imports, which went down 14.1%, supported by reduced oil prices.
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