India’s Export Growth Over The Years
India’s exports have reached a historic high, totaling USD 778.21 billion in the fiscal year 2023-24. This marks a significant 67% increase from USD 466.22 billion in 2013-14. The growth reflects India’s expanding role in global trade, driven by strong performances in both merchandise and services exports. This article shows how India’s Export Growth Over The Years.
India’s exports have grown in the financial year 2024-25. Between April and December 2024, the country exported goods and services worth USD 602.64 billion. This is a 6.03% increase from the USD 568.36 billion exported during the same period in 2023.
This growth is due to better government policies, improved product quality, and access to more international markets. These factors have made India’s export sector stronger and more connected to the global economy.
Here’s a simple comparison of the export figures:
| Period | Exports (USD Billion) |
| April-December 2023 | 568.36 |
| April-December 2024 | 602.64 |
This table shows the increase in exports from 2023 to 2024.
Growth of India’s Merchandise Export
India’s exports have seen a significant rise over the past decade. In 2013-14, the total exports were USD 466.22 billion, which increased to USD 778.21 billion in 2023-24. This is a 67% growth.
This growth is due to a stronger manufacturing base and more demand from other countries. Merchandise exports went up from USD 314 billion in 2013-14 to USD 437.10 billion in 2023-24. Service exports also grew from USD 152 billion to USD 341.11 billion in the same period.
Here’s a simple table showing this growth:
| Year | Merchandise Exports (USD billion) | Service Exports (USD billion) | Total Exports (USD billion) |
| 2013-14 | 314 | 152 | 466.22 |
| 2023-24 | 437.10 | 341.11 | 778.21 |
The increase in merchandise exports is due to a stronger manufacturing base and more demand from other countries.
In services, sectors like IT, financial, and business services have done well, leading to higher exports.
Overall, India’s export growth shows its growing role in global trade.
Growth of India’s Service Export
India’s service exports have seen significant growth over the past decade. In the financial year 2013-14, the country exported services worth USD 152 billion. By 2023-24, this figure rose to USD 341.11 billion.
This increase is mainly due to the growth of sectors like Information Technology (IT), financial services, and business services.
Here’s a simple comparison:
| Financial Year | Service Exports (USD Billion) |
| 2013-14 | 152.00 |
| 2023-24 | 341.11 |
This table shows how India’s service exports have more than doubled in ten years.
Top 5 Regions for India’s Exports Over the Years
India’s export destinations have changed over the years:
- 2004-05: Main export regions were North America, European Union (EU), North-East Asia, West Asia (Gulf Cooperation Council), and ASEAN.
- 2013-14: Exports increased in these regions, especially to North America, EU, and West Asia.
- 2023-24: Exports continued to grow, with North America as the top destination. The EU, West Asia, and ASEAN also saw significant growth.
In 2023-24, the top countries for India’s merchandise exports were:
India’s Key Export Destinations in 2023-24
| Country | Percentage of Total Exports |
|---|---|
|
USA |
17.90% |
|
UAE |
8.23% |
|
Netherlands |
5.16% |
|
China |
3.85% |
| Singapore | 3.33% |
| UK | 3.00% |
| Saudi Arabia | 2.67% |
| Bangladesh | 2.55% |
| Germany | 2.27% |
| Italy | 2.02% |
These ten countries made up 51% of India’s total merchandise exports in 2023-24.
This data shows how India’s trade relationships have grown and diversified over time.
