India demonstrated robust trade performance during FY 2024, reflecting resilience and adaptability despite global economic challenges.
India’s total exports, comprising both merchandise and services, for the period April–November 2024, are estimated at US$536.25 billion, reflecting a 7.61 percent increase from US$498.33 billion during the same period in 2023. Merchandise exports reached US$284.3 billion, showing moderate growth of 2.17 percent compared to the previous year. In October 2024 alone, merchandise exports surged by 17.23 percent to US$39.20 billion, highlighting strong recovery momentum.
Following political transitions in both countries, India’s FTA with the UK has finalized. The FTA talks will focus on trade in goods, services, and investment. Indian PM Narendra Modi and UK PM Keir Starmer reaffirmed their commitment to the FTA during the 2024 G20 summit.
To make Indian exports globally more competitive, India has released a National Logistics Policy, which provides for seamless integration of multiple modes of transportation by leveraging technology, processes, and skilled manpower. The policy, which is in line with the PM GatiShakti National Master Plan, will give a massive boost to India’s US$200 billion logistics sector, thereby enabling smooth movement of goods both domestically and internationally.
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