India’s Exports Register Robust Growth in June 2024
India’s export sector has shown significant growth in June 2024, with total exports, including merchandise and services, estimated to grow by 5.40% compared to June 2023. The cumulative overall exports for the period April-June 2024 are projected to grow by 8.60%.
Merchandise exports have seen a positive increase of 2.55%, amounting to USD 35.20 billion in June 2024, up from USD 34.32 billion in June 2023. The cumulative value of merchandise exports during April-June 2024 stands at USD 109.96 billion, registering a growth of 5.84% compared to the same period last year.
A significant highlight is the growth in non-petroleum and non-gems & jewellery exports, which increased by 8.48% from USD 25.29 billion in June 2023 to USD 27.43 billion in June 2024. Major drivers of this growth include sectors like Engineering Goods, Electronic Goods, Drugs & Pharmaceuticals, Coffee, and Organic & Inorganic Chemicals. Specifically, Engineering Goods exports rose by 10.27% to USD 9.39 billion, Electronic Goods exports grew by 16.91% to USD 2.82 billion, and Coffee exports surged by 70.02% to USD 0.20 billion.
Total imports for June 2024 are estimated at USD 73.47 billion, marking a growth of 6.29% compared to June 2023. Merchandise imports for June 2024 were USD 56.18 billion, up from USD 53.51 billion in June 2023. The cumulative value of merchandise imports during April-June 2024 reached USD 172.23 billion, compared to USD 160.05 billion during the same period in the previous year.
The trade deficit for merchandise during April-June 2024 widened to USD 62.26 billion from USD 56.16 billion in April-June 2023. Despite the increase in the trade deficit, the positive growth in exports reflects the resilience and dynamism of India’s export sector.
Service exports also demonstrated robust growth, with the estimated value for June 2024 at USD 30.27 billion, up from USD 27.79 billion in June 2023. The estimated value of service exports during April-June 2024 is USD 90.37 billion, an increase from USD 80.57 billion in the same period last year.
Top export destinations showing positive growth include the USA, UAE, Malaysia, Bangladesh, and Tanzania. Similarly, the main import sources with significant growth are the UAE, China, Russia, Indonesia, and the USA.
The substantial increase in both merchandise and service exports indicates a strong performance by India’s export sector, driven by key industries and favorable trade relations with major global markets.
