Indian Economy News

The cumulative overall exports during April-November 2024 is estimated at USD 536.25 Billion, as compared to USD 498.33 Billion in April-November 2023, with an estimated growth of 7.61%

From April to November 2024, India’s total exports are estimated to reach US$ 536.25 billion, showing a growth of 7.61% compared to US$ 498.33 billion during the same period in 2023. Merchandise exports alone amounted to US$ 284.31 billion, reflecting a modest increase of 2.17% from US$ 278.26 billion in the previous year. In November 2024, non-petroleum exports were valued at US$ 28.40 billion, marking a significant increase of 7.75% from US$ 26.36 billion in November 2023. Cumulatively, non-petroleum exports from April to November 2024 reached US$ 239.70 billion, up 7.38% from US$ 223.24 billion in the same period of 2023, surpassing the previous record of US$ 233 billion set in April-November 2022. Key contributors to the growth in merchandise exports in November 2024 included electronic goods, engineering goods, rice, marine products, and ready-made garments (RMG) of all textiles. Notably, electronic goods exports surged by 54.72%, rising from US$ 2.24 billion in November 2023 to US$ 3.47 billion in November 2024. Engineering goods exports grew by 13.75%, from US$ 7.82 billion to US$ 8.90 billion. Rice exports saw a remarkable increase of 95.18%, climbing from US$ 0.59 billion to US$ 1.14 billion. Marine products exports rose by 17.82%, while RMG of all textiles increased by 9.81%. India’s total exports, which include both merchandise and services, for November 2024 are estimated at USD 67.79 billion, representing a growth of 9.59% compared to November 2023. In contrast, total imports for the same month are estimated at US$ 87.63 billion, up 27.47% from the previous year. For the April-November 2024 period, total imports are projected at US$ 619.20 billion, reflecting a growth of 9.55%. 

The merchandise trade deficit for April-November 2024 stands at US$ 202.42 billion, compared to US$ 170.98 billion in the same period of 2023. Non-petroleum and non-gems & jewellery exports in November 2024 reached US$ 26.33 billion, up from US$ 23.55 billion in November 2023. In terms of services, exports for November 2024 are estimated at US$ 35.67 billion, a 27% increase from US$ 28.11 billion in November 2023. For the April-November 2024 period, service exports are projected at US$ 251.94 billion, compared to US$ 220.08 billion the previous year. The services trade surplus for April-November 2024 is estimated at US$ 119.48 billion, an increase from US$ 104.07 billion in the same period of 2023. The data indicates a positive trend in India’s export performance, with notable growth in various sectors and a strong demand from key international markets. 

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

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