New Delhi, April 23 -- Since 2020-21, India's merchandise exports fell for the first time in four years in FY24 to $437.06 billion, while, in contrast, services exports grew by 4.4% to a record $339.62 billion, compensating for the 3.11% contraction in goods exports, according to recent official data. While this data is not that bad, particularly in the background of geopolitical tensions, some recent developments in our foreign trade trends are worth watching.
It is interesting to see that our exports to China rose 8.07% in 2023-24, reaching $16.67 billion at a time while there is a downturn in China's imports from the world. On the other hand, imports from China saw a moderate growth of 3.39%. While the data shows India's resilience in i...