India’s trade deficit reduced by 36 percent in financial year 2023-24

Mumbai (Team Newsbuddy): During the financial year 2023-24, the total import of goods in India was US $ 67,724 crore, which is 5.41 percent less than the US $ 71,597 crore in the financial year 2022-23. While the total export of goods in the financial year 2023-24 fell by a marginal 3.11 percent to US $ 43,706 crore as compared to the same period last year. The difference between the total export and import of the country is called the trade deficit. During the financial year 2023-24, the trade deficit of the difference between the export and import of goods in the country was US $ 24,017 crore. But, if the figures of export and import of services are also added to the figures of export and import of goods, then the situation improves a lot. Total exports of goods and services from India in FY 2023-24 surpassed previous highest level of US $ 776.68 billion as compared to US $ 776.40 billion in FY 2022-23. This includes exports of services during FY 2023-24 which grew by 3.5 per cent to US $ 339.62 billion.  Among the goods exports from India during FY 2023-24, electronic products, pharmaceuticals and engineering goods have performed particularly well. Exports of electronic products stood at US $ 29.12 billion during FY 2023-24 as compared to US $ 23.55 billion in FY 2022-23, registering a growth of 23.64 per cent over the previous year. Similarly, the export of medicines and drugs has also registered a growth of 9.67 percent from US $ 25.39 billion in the financial year 2022-23 to US $ 27.85 billion in the financial year 2023-24. Also, the export of engineering goods has also increased by 2.13 percent.