India’s export performance has showcased a remarkable upward trend during the April-November 2024 period, with total exports, including merchandise and services, estimated at US$ 536.25 billion, marking a 7.61% growth compared to the US$ 498.33 billion achieved in the same period of 2023. This growth reflects India’s robust engagement in global trade and highlights the country’s rising competitiveness in international markets.

Merchandise Export Performance

India’s merchandise exports alone reached US$ 284.31 billion, reflecting a 2.17% increase over US$ 278.26 billion in 2023. Key sectors driving this growth in November 2024 include:

• Electronic goods: Surged by 54.72%, rising from US$ 2.24 billion in November 2023 to US$ 3.47 billion.
• Engineering goods: Grew by 13.75%, increasing from US$ 7.82 billion to US$ 8.90 billion.
• Rice exports: Showed an exceptional growth of 95.18%, from US$ 0.59 billion to US$ 1.14 billion.
• Marine products: Rose by 17.82%, reflecting strong demand in international markets.
• RMG of all textiles: Achieved a growth of 9.81%, indicating resilience in the apparel sector.

Non-Petroleum and Non-Gems & Jewellery Exports

Non-petroleum exports also performed well, reaching US$ 28.40 billion in November 2024, up 7.75% from US$ 26.36 billion in November 2023. Cumulatively, non-petroleum exports from April-November 2024 hit US$ 239.70 billion, surpassing the previous records and showing 7.38% growth over US$ 223.24 billion in 2023.

Services Export Growth

India’s services exports have emerged as a significant contributor, estimated at US$ 35.67 billion in November 2024, a 27% increase from US$ 28.11 billion in November 2023. For the April-November 2024 period, services exports reached US$ 251.94 billion, showcasing substantial growth over US$ 220.08 billion in 2023.

Total Imports and Trade Deficit

While exports grew, imports also rose, with total imports for April-November 2024 projected at US$ 619.20 billion, reflecting a 9.55% increase over the previous year. This resulted in a merchandise trade deficit of US$ 202.42 billion, compared to US$ 170.98 billion in the same period of 2023.

Services Trade Surplus

India recorded a services trade surplus of US$ 119.48 billion for April-November 2024, up from US$ 104.07 billion in 2023. This indicates the growing dominance of India’s services sector in global trade.

The robust performance across diverse export categories, including electronic goods, engineering goods, and agriculture products like rice, reflects the country’s sustained efforts to penetrate key international markets. Notably, the record-breaking growth in non-petroleum exports underscores the increasing diversification of India’s export basket.

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