Tuesday, February 18th, 2025

India’s exports increased by 6.03 percent to US$ 602.64 billion in April-December 2024


India’s exports grew to an estimated USD 602.64 billion in April-December 2024, a growth of 6.03 per cent compared to USD 568.36 billion during the same period in 2023, according to data released by the Ministry of Commerce and Industry on Wednesday.

This growth trend is attributed to strong performance in both the trading and services sectors.

Merchandise exports in the first nine months of FY24 totaled US$321.71 billion, a marginal 1.6 per cent growth from US$316.65 billion last year. Notably, non-petroleum exports witnessed a healthy growth of 5.05 per cent in December 2024, reaching US$ 33.09 billion from US$ 31.50 billion in December 2023.

Growth in non-petroleum exports has been the major driver of overall export growth. Non-petroleum exports from April to December 2024 totaled US$ 272.70 billion, registering a growth of 7.05 per cent from US$ 254.74 billion in the same period last year.

Merchandise exports in December stood at US$ 38.01 billion as compared to US$ 38.39 billion (YoY) and imports stood at US$ 59.95 billion as compared to US$ 57.15 billion (YoY).

In December, services exports stood at US$ 32.66 billion as compared to US$ 38.39 billion (YoY) and imports stood at US$ 17.50 billion as compared to US$ 15.63 billion (YoY).

Non-petroleum and non-gems and jewelery exports grew by 8.25 per cent to US$30.96 billion in December 2024 from US$28.60 billion in December 2023.

Major contributors to merchandise export growth in December included electronic goods, engineering goods, rice, ready-made garments (RMG) of all textiles, and cotton yarn, fabrics and handloom products.

Electronic goods witnessed a growth of 35.11 per cent, with exports rising from US$2.65 billion in December 2023 to US$3.58 billion in December 2024, the data showed.

Exports of engineering goods increased by 8.35 percent from US$ 10.01 billion to US$ 10.84 billion during the same period.

Rice exports witnessed a significant growth of 64.03 per cent, from US$ 0.87 billion in December 2023 to US$ 1.43 billion in December 2024.

Readymade garments of all textiles recorded a growth of 12.89 per cent from US$ 1.30 billion to US$ 1.46 billion.

Cotton yarn/fabrics/handloom products witnessed a growth of 11.98 per cent to US$1.05 billion in December 2024 from US$0.94 billion a year ago.

Trade data shows that the United States, United Arab Emirates, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and Australia were the top ten export destinations.

On the other hand, China, Russia, UAE, US, Iraq, Indonesia, Switzerland, Korea and Singapore were the top destinations for imports in April-December 2024.

India had recorded record exports of US $ 778 billion in the last financial year 2023-24. In 2022-23, the country is expected to export goods and services worth US$776.3 billion overall.

Services exports to increase from US$ 325.3 billion to US$ 341.1 billion in 2023-24. However, merchandise exports declined marginally to US$ 437.1 billion from US$ 451.1 billion.

The trade deficit in December stood at US$6.78 billion, compared to US$2.76 billion in December 2023.

According to data released by the Ministry of Commerce and Industry, trade deficit during April-December widened by 14.11 per cent to US$ 79.50 billion from US$ 69.67 billion last year.

The overall trade deficit increased from US$121.6 billion in 2022-23 to US$75.6 billion in 2023-24.



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