![Customs duty cut on mobiles welcome, but not enough to meet $110 bn export target](https://images.assettype.com/fortuneindia%2F2024-07%2F5685eb4c-e1bd-4a8b-97d5-e67aca09f4d0%2FGettyImages-538618348.jpg?w=300&q=95)
Customs duty cut on mobiles welcome, but not enough to meet $110 bn export target
Creation of wider ecosystem more essential than cut in custom duty
Creation of wider ecosystem more essential than cut in custom duty
India's goods exports rose by 2.6% to $35.2 billion, while merchandise imports grew by 4.9% to $56.18 billion.
India shipped 17,81,602 metric tonnes of seafood worth ₹60,523.89 crore in FY24.
The highest growth was registered in exports of coffee (64.23%) and tobacco (58.38%).
Not just in FY24, even decadal growth in exports has fallen to 5.2%, from 13.9% in previous decade.
India’s merchandise imports in April 2024 were $54.09 billion, as compared to $49.06 billion in April 2023.
India is now among top five exporters in a large number of categories. The lessons from these successes can be used to dominate in other sectors.
The increase in export of services from India is expected to compensate for the decline in merchandise exports.
China's share in the global exports market has increased by 1.7% in the last five years
India's chemical exports to North America dropped significantly, from 21% (between 2019 and 2021) to 2% (from 2021 to 2023), says McKinsey.