India's goods and services exports clock 6pc growth to scale $602bn mark in April-Dec

IANS January 15, 2025 200 views

India's export sector is showing impressive resilience with a 6% growth in the first nine months of 2024. Electronic goods and engineering exports are leading the charge, with significant increases in sectors like rice and textiles. The country has managed to scale exports to $602.64 billion, demonstrating economic strength and diversification. These numbers suggest a positive trajectory for India's international trade and economic potential.

"Electronic goods exports increased by 35.11 percent" - Commerce and Industry Ministry
India's goods and services exports clock 6pc growth to scale $602bn mark in April-Dec
New Delhi, Jan 15: India's total exports of merchandise and services have clocked a 6.03 per cent growth to $602.64 billion during April-December of the current financial year from $568.36 billion in the same period of the previous financial year, the Commerce and Industry Ministry announced on Wednesday.

Key Points

1

India's total exports cross $600 billion with steady growth

2

Electronic and engineering goods lead export surge

3

Rice and textile exports show significant increase

4

Non-petroleum exports demonstrate robust performance

The cumulative value of merchandise exports during April-December 2024 was $321.71 billion, as compared to $316.65 billion during April-December 2023, registering a positive growth of 1.6 per cent, the official statement said.

India's total exports of merchandise and services for December 2024 are estimated at $70.67 billion, registering a positive growth of 0.92 per cent vis-a-vis December 2023 while the total imports of merchandise and services for the month is estimated at $77.44 billion, which represents a 6.4 per cent increase over the same month of the previous year.

The major drivers of merchandise exports growth in December 2024 include electronic goods, engineering goods, rice, ready-made garments of all textiles and handloom products.

Electronic goods exports increased by 35.11 per cent from $2.65 billion in December 2023 to $3.58 billion in December 2024.

Engineering goods exports increased by 8.35 per cent from $10.01 billion in December 2023 to $10.84 billion in December 2024.

Rice exports increased by 64.03 per cent from $0.87 billion in December 2023 to $1.43 billion in December 2024.

Exports of ready-made garments of all textiles increased by 12.89 per cent from $1.30 billion in December 2023 to $1.46 billion in December 2024.

The exports of cotton yarn, fabrics and handloom products rose by 11.98 per cent from $0.94 billion in December 2023 to $1.05 billion in December 2024.

Non-petroleum exports in December 2024 were valued at $33.09 billion registering an increase of 5.05 per cent compared to $31.50 billion in December 2023.

The cumulative non-petroleum exports in April - December 2024 valued at $272.70 billion represented an increase of 7.05 per cent compared to $254.74 billion in April-December 2023.

Non-petroleum, Non-Gems and Jewellery exports registered an increase of 8.25 per cent from $28.60 billion in December 2023 to $30.96 billion in December 2024.

The estimated value of services exports for December 2024 is $32.66 billion as compared to $31.63 billion in the same month of the previous year while services imports for the month have been estimated at $17.50 billion up from $15.63 billion in December 2023.

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