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Recently, the Ministry of Commerce and Industry released fresh data. India’s total exports (merchandise plus service exports) have soared to USD 65 Billion for September 2024. Thus, registering a positive growth of 3.76 percent vis-Ã -vis September 2023. In the same period the total imports for September 2024 stood at USD 71.68 Billion.
Meanwhile, the overall, cumulative exports from April to September 2024 are estimated at USD 393.22 Billion. This is up by 4.86% from USD 375 billion in April-September 2023. Coming to trade deficit, which is total exports minus total imports. It has reduced from USD 29.65 Billion in August to USD 20.78 billion in September 2024.
Furthermore, according to the fresh estimates, India’s total exports from April to September 2024 is estimated to be USD 393.22 billion. Thus, registering a positive growth of 4.86 percent. The merchandise Exports from April-September 2024, stood at USD 213.22 Billion compared to USD 211.08 Billion in the same period last year.
The main drivers of growth in Merchandise export for the month of September 2024 being-Engineering Goods, Organic and Inorganic Chemicals, Plastic & Linoleum, Drugs & Pharmaceuticals, and RMG of all Textiles.
Coming to the service sector, the estimated value of exports for the month of September 2024, stands at USD 30.61 Billion. It is up from USD 28.42 Billion in September 2023. This indicates a growth of 9.81 percent. Meanwhile, the estimated value of service sector’s exports from April-September 2024, stands at USD 180 Billion. Compared to USD 163.92 Billion in April-September 2023. Thus indicating an increment of USD 16.08 Billion. Overall, there is a trade surplus in service sector for April-September 2024. This surplus stands at USD 82.61 Billion as compared to USD 75.06 Billion in April-September 2023.
The commerce secretary Mr. Sunil Barthwal highlighted that Indian exports have shown resilience despite the global slowdown and geopolitical disruptions. He said, “Despite global headwinds, these sectors have driven India’s export growth, positioning the country as a significant player in global trade.”
During this time, China, the US, the UAE, the Netherlands, and the UK were India’s top export destinations. While China, Russia, the United Arab Emirates, the United States, and Iraq continued to be the top importers.