India’s total exports estimated to grow at 5.40% in June 2024; Cumulative overall exports during April-June 2024 estimated to grow at 8.60%

In June 2024, merchandise exports grew by 2.55%, reaching US$ 35.20 billion compared to US$ 34.32 billion in June 2023. The cumulative value of exports during April-June 2024 was US$ 109.96 billion, a 5.84% increase from the same period in 2023. Non-petroleum and non-gems and jewellery exports rose 8.48% to US$ 27.43 billion in June 2024. Key drivers of this growth included Engineering Goods, Electronic Goods, Drugs and Pharmaceuticals, Coffee, and Organic and Inorganic Chemicals. Notably, Coffee exports surged by 70.02%, while Electronic Goods and Engineering Goods saw increases of 16.91% and 10.27%, respectively. Total exports (merchandise and services combined) for June 2024 are estimated at US$ 65.47 billion, a 5.40% growth compared to June 2023, with total imports estimated at US$ 73.47 billion, a 6.29% increase.

For April-June 2024, total exports are estimated at US$ 200.33 billion, an 8.60% increase from the previous year, while total imports for the same period are estimated at US$ 222.89 billion, reflecting an 8.47% growth. The merchandise trade deficit during April-June 2024 was US$ 62.26 billion, compared to US$ 56.16 billion in the same period in 2023. Services exports in June 2024 were valued at US$ 30.27 billion, up 12.16% from June 2023, with imports at US$ 17.29 billion. Top export categories showing growth included Coffee, Tobacco, and Electronic Goods, while imports of Gold, Fertilisers, and Pearls recorded declines. The USA, UAE, Malaysia, Bangladesh, and Tanzania were notable export growth destinations. At the same time, the UAE, China, Russia, Indonesia, and the USA were the top import sources showing significant growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.