Written by Marijn Overvest | Reviewed by Sjoerd Goedhart | Fact Checked by Ruud Emonds | Our editorial policy

India Export Statistics 2024 — 18 Key Figures

Key takeaways

  • India achieved a milestone of $400 billion in goods exports.
  • Countercyclical policies worldwide have led to a recovery in exports for some countries, including India, with rising external demand.
  • India faces a high current account deficit, influenced by soaring prices, capital outflows, and a weak rupee.

India is one of the largest countries in the world. Thus, understanding its export dynamics is particularly vital, especially considering its prominent position as a leading exporter in today’s global market.

In this article, we will show you the latest export statistics for India in 2023. We will also discuss some factors affecting its export industry. 

Once you are finished reading this article, you will have an in-depth knowledge of India’s exports. Thus, this is an important variable if you are also getting your products from India for your company. 

I have created a free-to-download editable culture and negotiations — Asia template. It’s a PowerPoint file that can help with your sourcing approach in Asian countries like India. I even made a video where I’ll explain how you can use this template.

18 of India’s Export Statistical Figures in 2024 That You Should Know

Here are some key figures for India that you should know for 2024.

1. According to Trading Economics, exports from India declined by 12.2% from a year earlier to USD 34.48 billion in December 2022, amid weakening global demand on the back of rising interest rates and stubbornly high inflation.

2. According to DBS, India’s economy overtook the United Kingdom to become the fifth largest in the world on nominal GDP (US dollars), besides retaining its third spot on Purchasing Power Parity (PPP) basis. 

3. According to a forecast conducted by DBS, the global economy will slow in 2023 and India’s export growth has turned negative amidst record trade deficits. 

4. The government of India estimates that it will achieve an export target of $450 billion during FY 2023.

5. The recession in key Western markets and the geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of India’s outbound shipments in 2023.

6. The World Trade Organization (WTO) has projected that global trade will grow by only 1% in 2023.

7. The World Trade Organization said that as India managed its growth rate in exports, healthy growth in services exports will help the country’s overall outbound shipments in 2023. 

8. The Nangia Andersen LLP forecasted that India’s exports will continue to thrive in 2023 even though global trade may not grow at a fast rate.  

9. Although many firms are forecasting the continuous growth of India’s exports, the Federation of Indian Export Organization said that the slowdown in global trade to 1% in 2023 may hurt Indian exports. 

10. Mumbai-based exporter and Chairman of Technocraft Industries, Sharda Kumar Saraf said that Indian exports are still likely to clock 8 to 10% growth in 2023 even though major economies of the US, Europe, and Japan are showing signs of recession.

11. The government has taken measures to boost exports and reduce the overall trade deficit and that includes the extension of existing foreign trade policy till March 31, 2023.

12. The Zeebusiness has forecasted that the Indian economy and exports will be moderately impacted in 2023 by weak global demand and recession in large economies.

13. India’s government expects economic growth to slow in the financial year that ends on March 31 as pandemic-related distortions ease and pent-up demand for goods levels out going into 2023.

14. India presents huge potential and opportunities as an export hub and investment destination in the manufacturing and services space. 

15. According to a forecast by Deloitte, the rise in prices may peak soon but sustained demand growth will keep pressure on supply, leading to overheating of the economy. 

16. According to the Director General and Chief Executive at the Federation of Indian Exports Organization, India’s export outlook for 2023 depends considerably on the oil price movement and the recovery in global demand.

17. India’s GDP is projected to moderate to 5.8% in 2023 as higher interest rates and global economic slowdown weigh on investment and exports. 

18. A report conducted by the UN estimates that the country will grow at 6.7% t in 2024, the fastest-growing major economy in the world.

Countercyclical Policies Affecting the Rising External Demand

According to macroeconomics expert, Mr. Azim Premji, the rising demand is reflecting some recovery of exports from the pandemic and the countercyclical policies across the world are pushing up external demand in a few countries where India exports. 

The Director General and CEO of the Federation of Indian Export Organization (FIEO), Mr. Ajay Sahai, pointed out that although the imports growth is slower than exports growth, imports have a higher base. 

Mr. Ajay Sahai said that India’s exports showed a higher growth rate but they require differential growth in their exports and imports to make a difference to their trade balance sheet. 

He added that exporters in India are seeing a huge number of orders coming in India due to the business model of China, the improved quality of goods produced by India, and the fact that they are getting more involved in the value-addition of exports. 

India Achieving Its Exports target

India has achieved an ambitious target of $400 billion in goods export for 2022. The Commerce and Industry minister of India called this achievement a “make India blockbuster.”

India has achieved the milestone despite the COVID-19 pandemic and the Russia-Ukraine war. He added that closer interaction with states and districts, as well as the active engagement of exporters and other industry associations, have helped achieve the milestone. 

India’s exports are one of the factors that drive India’s economic growth. This sector was one of the very few to recover quickly to pre-pandemic levels once the government started relaxing Covid-related rules and policies.

One of the major reasons for the jump in India’s exports is the rise in demand which had fallen during the full force of restrictions to fight the COVID-19 pandemic. 

Besides the boost in domestic manufacturing, the implementation of some interim trade pacts has also led to a surge in exports. Also, MSMEs and startups were used by the government as vehicles for exports.

India’s High Current Account Deficit

Factors such as soaring prices and the biggest capital outflows had a major impact on the trade gap which made India’s current account deficit widen to possibly its highest level. 

India Ratings and Research (Ind-Ra) anticipates merchandise imports to remain robust due to elevated global commodity prices and a weak rupee. However, merchandise exports are likely to slow down due to global headwinds. Thus, putting India’s export targets of $750 billion for the fiscal year 2024 in danger. 

Although Mr. Sahai said that as economies are opening up, India can expect that the travel and tourism industry can help increase services exports significantly besides other sectors. Thus, helping to offset the headwinds visible in merchandise trade.

Conclusion

India’s export landscape is influenced by a range of factors, from countercyclical policies and recovery from the pandemic to global economic conditions. Despite challenges such as rising commodity prices and geopolitical tensions, India has achieved significant milestones in its exports. 

Frequently asked questions

What are India's export statistics?

The export statistics of India will show you the performance of its export in 2022.

What is a countercyclical policy?

This is a policy measure that counteracts the effects of the economic cycle.

What country is its largest trading partner?

It is forecasted that the US will be its largest trading partner for 2023.

About the author

My name is Marijn Overvest, I’m the founder of Procurement Tactics. I have a deep passion for procurement, and I’ve upskilled over 200 procurement teams from all over the world. When I’m not working, I love running and cycling.

Marijn Overvest Procurement Tactics