TFP Bureau, New Delhi; May 16, 2024: India’s total exports, including merchandise and services, exhibited robust growth in April 2024, soaring by 6.88% compared to April 2023. The total exports for the month stood at USD 64.56 Billion, showcasing a positive trend in the country’s trade dynamics. The data was released by the Ministry of Commerce and Industry.
Merchandise Exports:
– Merchandise exports for April 2024 amounted to USD 34.99 Billion, reflecting a moderate growth rate of 1.08% compared to April 2023.
– Notably, non-petroleum and non-gems & jewellery exports witnessed a notable increase, rising by 1.32% from USD 25.77 Billion in April 2023 to USD 26.11 Billion in April 2024.
– Key drivers of merchandise exports growth included electronic goods, organic & inorganic chemicals, petroleum products, and drugs & pharmaceuticals.
Sectoral Performance:
– Electronic goods exports surged by 25.8% from USD 2.11 Billion in April 2023 to USD 2.65 Billion in April 2024.
– Exports of organic and inorganic chemicals increased by 16.75% from USD 2.14 Billion to USD 2.50 Billion during the same period.
– Drugs and pharmaceuticals exports recorded a growth of 7.36%, reaching USD 2.43 Billion in April 2024.
– Petroleum products exports witnessed a modest rise of 3.10%, reaching USD 6.62 Billion in April 2024.
Services Trade:
– Services exports are estimated to reach USD 29.57 Billion in April 2024, showing a substantial growth of 14.68% over April 2023.
– Services imports for April 2024 are estimated to be USD 16.97 Billion, compared to USD 13.96 Billion in April 2023.
The positive trajectory in India’s exports reflects the resilience of the economy amidst global challenges, and the government aims to sustain this momentum through strategic initiatives and policy measures.
