During Q1 FY’24, India’s trade performance demonstrated stability and moderate growth. Total trade stood at $576 billion, registering a 5.45% year-on-year increase. Merchandise exports showed restrained growth, influenced by declines in critical sectors such as iron and steel, as well as natural and cultured pearls. On the other hand, imports were propelled by high-value commodities, including aircraft, spacecraft, mineral fuels, and vegetable oils. Services exports displayed an encouraging surplus.
Vice Chairperson Suman Bery shared his perspective that the publication shall foster informed decision-making, strengthen policy initiatives, and encourage long-term sustainable growth in the global trade landscape. He exhorted that the findings of the same will be instrumental in shaping future policies and interventions aimed at driving progress in trade areas by identifying markets and sectors where India can gain a stronger comparative advantage.
Dr. Arvind Virmani, Member NITI Aayog congratulated the entire team for coming up with a comprehensive trade publication and expressed that this document will serve as an important tool for navigating India’s evolving trade landscape.
During the event, BVR Subrahmanyam, CEO, NITI Aayog emphasised the importance of data-driven approaches and evidence-based policymaking and stated that by providing a detailed analysis of India’s trade position each quarter, the publication will support evidence-based policymaking. This initiative is aligned with the commitment to strengthening India’s trade competitiveness in line with the aim to capitalise on India’s trade potential for Viksit Bharat (India@2047) and to ensure sustainable growth in a rapidly changing global trade environment.
It is further informed that this publication marks the launch of a quarterly series aimed at offering timely insights into India’s trade dynamics.
