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The commerce ministry in its latest data has showed that India's merchandise exports declined marginally in March 2024 to $41.68 billion, while for the entire 2023-24 it dipped 3.11 per cent to $437.06 billion, as geopolitical issues continued to hamper global shipments. Imports, too, declined 5.98 per cent to $57.28 billion in March, taking the trade deficit to $15.6 billion during the month. 

According to the data, merchandise exports for the period FY 2023-24 (April-March) were $437.06 billion as against $451.07 billion during FY 2022-23. Merchandise imports for the period FY 2023-24 were $677.24 billion as against $715.97 billion during FY 2022-23. The merchandise trade deficit for FY 2023-24 was estimated at $240.17 billion as against $264.90 billion during FY 2022-23. 

Non-petroleum and non-gems & jewellery exports in March 2024 were $33.67 billion, compared to $30.87 billion in March 2023. Non-petroleum and non-gems & jewellery exports during FY 2023-24 was $320.21 billion, as compared to $315.64 billion in FY 2022-23. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in March 2024 were $35.21 billion, compared to $36.51 billion in March 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $422.80 billion in FY 2023-24 as compared to $435.54 billion in FY 2022-23.