India’s overall exports for May 2024 saw a substantial year-on-year increase of 10.2 per cent, reaching $68.29 billion. Ashwani Kumar, President of the Federation of Indian Export Organisations, highlighted that this growth was driven by robust order bookings in key sectors such as electronic goods, pharmaceuticals, chemicals, engineering goods, and petroleum products. The top ten export destinations for India, including the US, UAE, Netherlands, UK, China, and Germany, also recorded healthy double-digit growth rates. This broad-based growth across sectors and geographies indicates a well-rounded and resilient export performance.
Sanjeev Agrawal, President of the PHD Chamber of Commerce and Industry, noted the significant uptick in exports despite global geopolitical headwinds. He mentioned that the May 2024 exports of $68.2 billion were higher than the previous year, with rising exports of petroleum products, engineering goods, electronics, pharmaceuticals, and textiles. The total exports during April-May 2024 were estimated at $133.6 billion, registering a positive growth of 9.2 percent. Agrawal expressed optimism for continued export growth in the current financial year.
Arun Kumar Garodia, Chairman of the Engineering Export Promotion Council of India, shared a positive outlook for the engineering export sector. He mentioned that the global economic outlook is expected to improve, with potential FTAs on the horizon that could boost the engineering sector. However, he cautioned about challenges such as high ocean freight rates and competitive pressure from China, which is increasing its shipments to the US ahead of potential new import duties.
In terms of specifics, merchandise exports rose by 9.1 percent to $38.13 billion, while service exports increased by 11.7 percent to $30.16 billion. This growth reflects sustained demand for Indian goods and services in global markets, showcasing the country’s expanding footprint in international trade. Despite challenges like high ocean freight rates and competitive pressures, the overall positive outlook for Indian exports indicates a promising trajectory for the future. As the global economy continues to recover and demand for Indian products and services rises, the export sector is poised for further growth and success in the coming months.
