India’s exports grow by 5% to $393 billion in April-Sept 2024
Major export markets demonstrating robust growth included the Netherlands, Brazil, the UAE, and Japan.
India’s cumulative exports for April to September 2024 reached $393 billion, reflecting a 5 percent increase compared to $375 billion during the same period in 2023. Merchandise exports during this period totalled $213 billion, registering a 1 percent rise from $212 billion in the previous year. Non-petroleum and non-gems and jewellery exports showed significant growth, rising 6 percent to $162 billion.
Source: Ministry of Commerce & Industry
In September 2024, total exports, including merchandise and services, were valued at $65 billion, marking a 4 percent year-on-year increase. Imports for the month stood at $72 billion, reflecting a 4 percent rise. Merchandise exports increased slightly from $34 billion in September 2023 to $35 billion in September 2024, while merchandise imports rose to $55 billion from $54 billion. The trade deficit for the month stood at $6 billion.
Key contributors to merchandise export growth in September 2024 included engineering goods (up 10 percent to $10 billion), organic and inorganic chemicals (up 11 percent to $2 billion), and plastic and linoleum (up 28 percent to $290 million). Additionally, drug and pharmaceutical exports rose by 7, and ready-made garments (RMG) exports increased by 17.
India’s apparel exports registered a remarkable 17percent growth in September 2024 compared to the same period last year, with cumulative RMG exports for April-September 2024-25 reaching $7,505 million, reflecting an 8percent rise. AEPC Chairman Shri Sudhir Sekhri highlighted India’s competitive advantages, including a robust ecosystem and young workforce. AEPC plans to expand global outreach through roadshows in Spain and New York and noted significant export growth to markets like the USA, UK, Germany, and FTA partner countries.
Services trade also expanded, with exports estimated at $31 billion in September 2024, compared to $28 billion in September 2023. Imports in the services sector grew to $16 billion. For April-September 2024, services exports totalled $180 billion, a 10 percent increase, while services imports reached $97 billion.
Merchandise Trade during April-September 2024; Source: Ministry of Commerce & Industry
India’s merchandise exports rose by 0.5 percent to $34 billion in September 2024, signalling recovery despite geopolitical tensions and logistical challenges. FIEO President Ashwani Kumar emphasised the need for improved trade finance, restoration of the Interest Equalisation Scheme, and timely conclusion of key FTAs to boost MSME competitiveness and export growth.
Major export markets demonstrating robust growth included the Netherlands, Brazil, the UAE, and Japan. On the import side, key partners like the UAE, China, Japan, and Taiwan recorded significant increases in trade during September 2024.