India’s total exports estimated to grow at 2.81% in July 2024. The cumulative overall exports during April-July 2024 estimated to grow at 6.65%
India’s merchandise exports during April-July 2024 reached US$ 144.12 billion, marking a 4.15% increase from US$ 138.39 billion in the same period last year. Non-petroleum and non-gems & jewellery exports grew by 5.69% in July 2024, driven by significant gains in electronic goods, engineering goods, drugs & pharmaceuticals, and meat, dairy & poultry products. Notable increases included a 37.31% rise in electronic goods exports to US$ 2.81 billion and a 56.18% surge in meat, dairy & poultry exports to US$ 0.46 billion. The total exports (merchandise and services combined) for July 2024 were estimated at US$ 62.42 billion, up 2.81% from July 2023, while total imports rose by 7.14% to US$ 72.03 billion.
For April-July 2024, India’s total exports amounted to US$ 261.47 billion, reflecting a 6.65% growth, while total imports reached US$ 292.64 billion, a 7.30% increase. The merchandise trade deficit widened to US$ 85.58 billion from US$ 75.15 billion during the same period last year. In the services sector, exports for July 2024 were estimated at US$ 28.43 billion and imports at US$ 14.55 billion, contributing to a services trade surplus of US$ 54.40 billion for April-July 2024. Major export growth was recorded in tobacco, oil meals, and RMG of all textiles. At the same time, significant declines were observed in the imports of project goods and pearls, precious & semi-precious stones. Key export destinations showing growth include the Netherlands and the USA, while the UAE, China, and Russia were among the top import sources.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
