India's goods and services exports likely to cross Rs. 68,39,200 crore (US$ 800 billion) in 2024: GTRI
- IBEF
- January 1, 2025
India's total exports of goods and services in 2024 are projected to exceed Rs. 69,58,886 crore (US$ 814 billion), reflecting a 5.58% increase compared to Rs. 65,69,907 crore (US$ 768.5 billion) in 2023, according to the Global Trade Research Initiative (GTRI). This growth is driven by a 10.31% rise in services exports to Rs. 31,82,793 crore (US$ 372.3 billion), while merchandise exports are expected to grow modestly by 2.34% to Rs. 37,74,384 crore (US$ 441.5 billion). The report highlights India's evolving export landscape, with sectors like machinery and electronics gaining prominence, as their shares in the export basket have significantly increased since 2014. However, traditional sectors like textiles, garments, and gems and jewelry are experiencing a decline, reflecting both changing global demand and competitiveness challenges in labor-intensive industries.
Despite this growth, Indian exports face challenges amid sluggish global trade growth due to slow economic recovery in developed markets and geopolitical tensions, including the Russia-Ukraine war and the Israel-Hamas conflict. Disruptions in Red Sea shipping routes further exacerbate supply chain vulnerabilities. GTRI Founder Ajay Srivastava emphasizes the importance of India's transition toward higher-value sectors to ensure long-term export resilience while acknowledging the difficulties posed by the global trade environment.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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