India’s cumulative exports of merchandise and services reached $602.64 billion during April-December 2024, registering a 6.03% growth compared to the same period in 2023.

The Ministry of Commerce & Industry released trade data for April-December 2024, highlighting a growth of 6.03% in cumulative exports of merchandise and services, totaling $602.64 billion, compared to $568.36 billion in 2023.

Merchandise Exports Performance

Merchandise exports stood at $321.71 billion, up 1.6% from $316.65 billion in the same period last year. December 2024, however, showed a slight decline in merchandise exports, registering $38.01 billion compared to $38.39 billion in December 2023.

Key drivers of merchandise export growth included:

  • Electronic Goods: 35.11% growth (from $2.65 billion to $3.58 billion in December 2024).
  • Engineering Goods: 8.35% growth (from $10.01 billion to $10.84 billion).
  • Rice Exports: 64.03% surge (from $0.87 billion to $1.43 billion).

Services Trade Growth

India’s services sector performed robustly, with exports for April-December 2024 estimated at $280.94 billion, a significant 11.61% rise from $251.71 billion in 2023.

In December 2024 alone, services exports were valued at $32.66 billion, reflecting steady growth compared to $31.63 billion in December 2023.

Non-Petroleum and Non-Gems & Jewellery Exports

Excluding petroleum and gems & jewellery, exports grew by 8.25%, reaching $30.96 billion in December 2024 compared to $28.60 billion in December 2023.

Trade Imbalance and Imports

Despite strong export growth, imports outpaced exports, with cumulative imports rising by 6.91% to $682.15 billion in April-December 2024. This resulted in a trade deficit of $79.50 billion, compared to $69.67 billion in the same period last year.

Export and Import Destinations

Top export markets in December 2024 included:

  • USA: 8.49% growth
  • Saudi Arabia: 50.46% growth
  • France: 67.37% growth

On the import side, significant growth was recorded from:

  • Switzerland: 85.65% increase
  • Thailand: 71.7% increase

Government’s Support for Trade Expansion

The government continues to boost trade through initiatives like the Production-Linked Incentive (PLI) schemes, aiming to enhance exports in key sectors such as electronics, textiles, and engineering goods.

Source: Ministry of Commerce & Industry