Indian Economy News

The highest monthly merchandise exports in the current fiscal year were recorded in February 2024 at US$ 41.40 billion, an increase of 11.86% over US$ 37.01 billion in February 2023.

India’s exports (Merchandise and Services combined) in February 2024 were estimated to be US$ 73.55 billion, a growth of 14.20% over February 2023. Engineering goods, electronic goods, organic & inorganic chemicals, drugs & pharmaceuticals, and petroleum products primarily grew merchandise exports in February 2024. Notably, engineering goods exports increased by 15.9% to US$ 9.94 Billion, while electronic goods saw a remarkable surge of 54.81% to US$ 3.00 Billion. Additionally, organic and inorganic chemical exports rose by 33.04% to US$ 2.95 billion, and drug and pharmaceutical products exports reached US$ 2.51 billion, marking a 22.24% increase. Petroleum products exports also grew by 5.08% to US$ 8.24 Billion.

Furthermore, agricultural product exports, including tobacco, meat, dairy & poultry products, oilseeds, cereal preparations & miscellaneous processed items, spices, fruits & vegetables, and rice, showed positive growth trends. Importantly, the overall trade deficit improved significantly by 37.80% to US$ 72.24 billion in April-February 2023-24, with the merchandise trade deficit decreasing by 8.43% to US$ 225.20 billion during the same period.

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