India's Exports of Goods and Services Surge 6% to Reach $602 Billion in April-December
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Synopsis
India's exports of goods and services have surged by 6.03% to $602.64 billion for the period from April to December this financial year, as reported by the Commerce and Industry Ministry. This growth is driven by significant increases in electronic goods, engineering goods, rice, and textiles.
Key Takeaways
- India's merchandise and services exports grew by 6.03% to $602.64 billion.
- Merchandise exports in December 2024 reached $70.67 billion.
- Electronic goods exports saw a 35.11% increase.
- Rice exports surged by 64.03%.
- Services exports for December 2024 are estimated at $32.66 billion.
New Delhi, Jan 15 (NationPress) India's total exports of goods and services have achieved a growth rate of 6.03%, reaching $602.64 billion between April and December of the current financial year, up from $568.36 billion during the same timeframe last year, as reported by the Commerce and Industry Ministry on Wednesday.
The total value of merchandise exports during this period in 2024 stands at $321.71 billion, compared to $316.65 billion in 2023, reflecting a marginal growth of 1.6%, according to the official announcement.
For December 2024, India's total exports of goods and services are estimated to be $70.67 billion, showing an increase of 0.92% compared to December 2023. Meanwhile, total imports for the month are projected at $77.44 billion, marking a 6.4% rise from the previous year.
Key contributors to the growth in merchandise exports for December 2024 include electronic goods, engineering goods, rice, ready-made garments across all textiles, and handloom products.
Notably, electronic goods exports surged by 35.11%, rising from $2.65 billion in December 2023 to $3.58 billion in December 2024.
Engineering goods exports also saw an 8.35% increase from $10.01 billion to $10.84 billion during the same period.
Rice exports skyrocketed by 64.03%, climbing from $0.87 billion to $1.43 billion.
Exports of ready-made garments rose by 12.89%, from $1.30 billion to $1.46 billion, while exports of cotton yarn, fabrics, and handloom products increased by 11.98%, from $0.94 billion to $1.05 billion.
In December 2024, non-petroleum exports were valued at $33.09 billion, reflecting an increase of 5.05% compared to $31.50 billion in December 2023. The cumulative non-petroleum exports for April to December 2024 reached $272.70 billion, which is a rise of 7.05% from $254.74 billion during the same period in 2023.
Additionally, non-petroleum, non-gems, and jewelry exports grew by 8.25%, from $28.60 billion to $30.96 billion in December 2024.
The estimated value of services exports for December 2024 is $32.66 billion, an increase from $31.63 billion in December 2023, while services imports are anticipated to be $17.50 billion, up from $15.63 billion in the previous year.
