Merchandise exports decline in Jan, electronics exports increase 79%
Gems, pharma and rice exports log double digit growth; imports increase 10% to $59.42 billion.;
Representational photo
Merchandise exports declined two percent to $36.43 billion in January 2025 as against $37.32 billion in January 2024.
Electronic goods exports increased by 79 percent from $2.29 billion in January2024 to $4.11 billion in January 2025, says an official release.
"Rice exports increased by 44 percent from $950 million in January 2024 to $1.37 billion in January 2025. Drugs & pharmaceuticals exports increased by 21 percent from $2.13 billion in January 2024 to $2.59 billion in January 2025. Gems & jewellery exports increased by 16 percent to $3 billion in January 2025."
Imports increased 10 percent to $59.42 billion from $53.88 billion, the release added.
Ashwani Kumar, President, Federation of Indian Export Organisations (FIEO) acknowledged the resilience of Indian exporters in the midst of global uncertainties. The surge in imports, coupled with the widening trade deficit, has raised alarms about potential impacts on domestic industries and the overall trade balance, he added.
Merchandise exports during April-January 2024-25 increased to $358.91 billion compared to $353.97 billion during April-January2023-24. Imports during April-January2024-25 were up at $601.90 billion compared to $560.27 billion during April-January 2023-24.
"Top five export destinations, in terms of change in value, exhibiting positive growth in April-January 2024-25 vis a vis April-January 2023-24 are Japan (21 percent), U.K. (14 percent), U.S. (nine percent), the Netherlands (nine percent) and UAE (seven percent).”
Cumulative exports (merchandise & services) during April-January 2024-25 is estimated at $682.59 billion compared to $636.69 billion in April-January 2023-24, an increase of seven percent.
Kumar emphasised the need for strategic measures to bolster exports and rationalise imports, and called for a focused approach to export diversification, targeting new markets and products, and for the continuation of trade facilitation measures and export incentives.
The continuation of the interest equalisation scheme, R&D support, creation of a globally recognised Indian shipping line and the resolution of GST-related export challenges are vital for sustaining the sector's growth, he added.