In July 2024, India’s electronic goods exports saw a substantial increase of 37.31% compared to the same period last year, reaching USD 2.8 billion. This growth reflects the growing global demand for Indian electronic products. From April to July 2024, the total export value of electronic goods reached USD 11.24 billion. Additionally, the export of meat, dairy, and poultry products also experienced significant growth of 56.18% in July 2024, showcasing a strong performance in India’s agricultural export sector.
India’s overall exports, including merchandise and services, in July 2024 amounted to USD 62.42 billion, a 2.81% increase year-on-year. This growth is indicative of the country’s continued efforts to boost its export volumes. In the same month last year, India’s overall exports stood at USD 60.71 billion. While merchandise exports declined slightly in July, services exports saw a rise, contributing to the overall increase in export value. The government remains optimistic about achieving its full-year target of USD 800 billion in exports for the fiscal year 2024-25.
During the first four months of the fiscal year 2024-25 (April-July), India’s total exports have reached around USD 260 billion. Despite the challenges posed by the global economic climate, India’s export performance has been resilient. The country’s imports also increased year-on-year in July 2024, with overall imports rising from USD 67.23 billion to USD 72.03 billion. This uptick in imports signifies growing domestic demand and economic activity.
However, the widening trade deficit in July 2024, from 6.5% to 9.61%, raises concerns about the imbalance between exports and imports. In the previous financial year 2023-24, India recorded record exports of USD 778 billion, showcasing the country’s strong export capabilities. The government’s initiatives such as the Production Linked Incentive (PLI) scheme have been instrumental in boosting exports and making Indian manufacturers more competitive on the global stage.
In 2022-23, India’s combined exports of goods and services amounted to USD 776.3 billion, with services exports increasing and merchandise exports slightly declining. The overall trade deficit improved significantly from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24, reflecting the government’s efforts to enhance trade balance. With continued focus on export promotion and competitiveness, India aims to further strengthen its position in the global market and reduce dependency on imports.
In conclusion, India’s export performance in July 2024 demonstrates positive growth momentum, particularly in key sectors such as electronics and agriculture. By leveraging initiatives like the PLI scheme and focusing on enhancing export capabilities, India is poised to achieve its ambitious export targets and drive economic growth in the coming years. Despite challenges in the global trade environment, India’s resilience and competitive edge position it as a key player in the international market.
