The total export of Indian goods and services increased by 6.03%, amounting to approximately $602.64 billion from April to December 2024. The Ministry of Commerce and Industry already complements this statistic by mentioning the country’s strategic approach to the economy. The total exports were estimated to be around $568.36 billion in the previous year, highlighting how India is working intensively to increase its availability in the market.
On the other hand, India’s exports increased by 1.6 per cent to $321.71 billion from April to December 2024, crossing $316.65 billion worth of goods and services exported in the prior year of April to December. This December, the total exports of merchandise reached $38.01 billion, and electronic, engineering, and agricultural items like rice aided the growth.
Major contributors to growth in Merchandise Exports:
Electronic Gizmos: In January-March 2023, mobile device imports increased by 35.11%, from $2.65 billion to $3.58 billion.
Engineering Goods: This category’s revenue is estimated to reach $10.84 billion in December 2024, up 8.35 per cent from the previous year.
Rice: Increased from $0.87 billion to $1.43 billion with a whooping growth rate of 64.03 per cent.
Textiles and Handloom Products: The exports of cotton yarn, fabrics, and handloom products increased to $1.05 billion, or 11.98 per cent.
Exports have always been the backbone of our economy and help us become more self-reliant. Non-petroleum exports, in particular, were a key focal point, with the country recording a whopping $33.09 billion, an increase of 5.05 % from the previous years. During the April-December window, India was able to amass $272.70 in non-petroleum exports, once again showcasing a 7.05% increase from 2023.
On the other hand, non-petrochemical gems and jewellery exports boosted by 8.25%, going from $28.60 billion in 2023 to $30.96 billion in 2024.
With India ever growing in the export domain, the service sector contributed significantly and showed tremendous growth from the previous years. In December 2023, the service sector made $31.63 billion; in December 2024, it made $32.66 billion. Monte Carlo has estimated that between April and December 2024, the service sector would have achieved an astounding $280.93 billion.
While imports increased for the country, the trade deficit also increased. Service imports saw an estimated growth of $17.50 billion from previous years. Overall, estimated imports for the country in December 2024 were $77.44 billion, which showcases a 6.4% growth from December 2023.
On the global front
India has always had a foothold globally, and with the growing exports, that position has been cemented. The upcoming electronics, engineering, and agriculture sectors are poised to create ample export opportunities.
Semi-Manufactured Articles: Exports reached $1.46 billion with an increase of 12.89. Exports growth of 12.89%,
Agriculture: This growth of rice FG shows the strengthening of Indian agriculture.
We further note that India’s export performance continues to improve as the country continues to focus on celebrating export achievements. The government’s impetus for strengthening technology, engineering, and textiles is expected to enhance exports in the next few years.
