India Trade Performance in FY this year and Strategy to Explore New Export Markets
Check out the latest trade report from India, indicating a promising outlook for its exports in the upcoming fiscal year. According to the Ministry of Commerce and Industry, India is poised to maintain its export momentum from the previous year, with projections estimating exports to reach approximately US$776.68 billion in the fiscal year 2023–24, edging slightly past the US$776.40 billion mark of the preceding year.
March 2024 marked a significant milestone as it concluded with the highest monthly merchandise exports of the fiscal year, totaling US$41.68 billion. However, it's not just about sustaining current levels; India is actively pursuing avenues to broaden its export base beyond traditional sectors such as iron ore and agricultural commodities.
The focus now lies on diversification, with initiatives aimed at expanding into sectors like electronics, pharmaceuticals, engineering products, and food items. This diversification strategy includes introducing new products such as alcoholic beverages, prepared meals, confectioneries, and value-added products like jackfruit and bananas.
Key to this strategy is meticulous market research and analysis to tailor products according to the preferences and legal requirements of each target market. With these efforts in place, India is positioning itself to not only maintain but also enhance its global export presence in the years to come.
