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Home News News and Press Release Month 8 2024 2024 (8) This

India’s total exports estimated to grow at 2.81% in July 2024.The cumulative overall exports during April-July 2024 estimated to grow at 6.65%.

14-8-2024
  • Contents

The cumulative value of merchandise exports during April-July 2024 was USD 144.12 Billion as compared to USD 138.39 Billion during April-July 2023, registering a positive growth of 4.15%.

Non-petroleum & Non-Gems & Jewellery exports registered an increase of5.69% from USD 25.47 Billion in July 2023 to USD 26.92 Billion in July 2024.

Major drivers of merchandise exports growth in July 2024 include Electronic Goods, Engineering Goods, Drugs & Pharmaceuticals, Meat, dairy & poultry products and RMG of all Textiles.

Electronic goods exports increased by 37.31% from USD 2.04 Billion in July 2023 to USD 2.81 Billion in July 2024.

Engineering Goods exports increased by 3.66% from USD 8.72 Billion in July 2023 to USD 9.04 Billion in July 2024.

Drugs and pharmaceuticals exports increased by 8.36% from USD 2.13 Billion in July 2023 to USD 2.31 Billion in July 2024.

Meat, dairy & poultry products exports increased by 56.18% from USD 0.29 Billion in July 2023 to USD 0.46 Billion in July 2024.

RMG of all Textiles exports increased by 11.84% from USD 1.14 Billion in July 2023 to USD 1.28 Billion in July 2024.

India’s total exports (Merchandise and Services combined) for July 2024* is estimated at USD 62.42 Billion, registering a positive growth of 2.81 percent vis-à-vis July 2023.Total imports (Merchandise and Services combined) for July 2024* is estimated at USD 72.03 Billion, registering a positive growth of 7.14 percent vis-à-vis July 2023.

Table 1: Trade during July 2024*

 

 

July 2024

(USD Billion)

July 2023

(USD Billion)

Merchandise

Exports

33.98

34.49

Imports

57.48

53.49

Services*

Exports

28.43

26.22

Imports

14.55

13.74

Total Trade

(Merchandise +Services) *

Exports

62.42

60.71

Imports

72.03

67.23

Trade Balance

-9.61

-6.52

* Note: The latest data for services sector released by RBI is for June2024. The data for July 2024 is an estimation, which will be revised based on RBI’s subsequent release.

Fig 1: Total Trade during July2024*

India’s total exports during April-July2024* is estimated at USD 261.47 Billion registering a positive growth of 6.65 percent. Total imports during April-July 2024* is estimated at USD 292.64 Billion registering a growth of 7.30 percent.

Table 2: Trade during April-July 2024*

 

 

April-July 2024

(USD Billion)

April-July 2023

(USD Billion)

Merchandise

Exports

144.12

138.39

Imports

229.70

213.53

Services*

Exports

117.35

106.79

Imports

62.95

59.19

Total Trade

(Merchandise +Services) *

Exports

261.47

245.18

Imports

292.64

272.72

Trade Balance

-31.17

-27.55

Fig 2: Total Trade during April-July 2024*          

MERCHANDISE TRADE

  • Merchandise exports during July 2024 were USD 33.98 Billion as compared to USD 34.49 Billion in July 2023.
  • Merchandise imports during July 2024 were USD 57.48 Billion as compared to USD 53.49 Billion in July 2023.

Fig 3: Merchandise Trade during July 2024

  • Merchandise exports during April-July 2024 were USD 144.12 Billion as compared to USD 138.39Billion during April-July 2023.
  • Merchandise imports during April-July 2024 were USD 229.70 Billion compared to USD 213.53 Billion during April-July 2023.
  • Merchandise trade deficit during April-July 2024 was USD 85.58 Billion compared to USD 75.15 Billion during April-July 2023.

Fig4: Merchandise Trade during April-July 2024

  • Non-petroleum and non-gems & jewellery exports in July 2024 were USD 26.92Billion compared to USD 25.47Billion in July 2023.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in July 2024 were USD 38.98Billion compared to USD 36.16Billion in July 2023.

Table 3: Trade excluding Petroleum and Gems & Jewellery during July 2024

 

July 2024

(USD Billion)

July 2023

(USD Billion)

Non- petroleum exports

28.75

27.77

Non- petroleum imports

43.61

41.67

Non-petroleum & Non-Gems & Jewellery exports

26.92

25.47

Non-petroleum & Non-Gems & Jewellery imports

38.98

36.16

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during July 2024

  • Non-petroleum and non-gems & jewellery exports in April-July 2024 were USD 109.09 Billion, compared to USD 102.81 Billion in April-July 2023.
  • Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-July 2024 were USD 144.32 Billion, compared to USD 138.25 Billion in April-July 2023.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-July 2024

 

April-July 2024

(USD Billion)

April-July 2023

(USD Billion)

Non- petroleum exports

118.19

112.64

Non- petroleum imports

164.33

159.87

Non-petroleum &Non Gems& Jewellery exports

109.09

102.81

Non-petroleum & Non Gems & Jewellery imports

144.32

138.25

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-July 2024

SERVICES TRADE

  • The estimated value of services export for July 2024* is USD 28.43 Billion as compared to USD 26.22Billion in July 2023.
  • The estimated value of services imports for July 2024* is USD 14.55 Billion as compared to USD 13.74Billion in July 2023.

Fig 7: Services Trade during July2024*

  • The estimated value of service exports during April-July 2024* is USD 117.35 Billion as compared to USD 106.79 Billion in April-July 2023.
  • The estimated value of service imports during April-July 2024* is USD 62.95 Billion as compared to USD 59.19 Billion in April-July 2023.
  • The services trade surplus for April-July 2024* is USD 54.40 Billion as compared to USD 47.60 Billion in April-July 2023.

Fig 8: Services Trade during April-July 2024*

  • Exports of Meat, Dairy & Poultry Products (56.18%), Tobacco (39.9%), Electronic Goods (37.31%), Oil Meals (22.01%), Tea (21.79%), Handicrafts Excl. Hand Made Carpet (13.23%), Spices (13%), Rmg Of All Textiles (11.84%), Carpet (10.53%), Plastic & Linoleum (8.84%), Drugs & Pharmaceuticals (8.36%), Iron Ore (7.73%), Cereal Preparations & Miscellaneous Processed Items (5.06%), Man-Made Yarn/Fabs./Made-Ups Etc. (3.91%), Engineering Goods (3.66%), Leather & Leather Products (2.29%), Fruits & Vegetables (2.19%) and Mica, Coal & Other Ores, Minerals Including Processed Minerals (1.49%) record positive growth during July 2024 over the corresponding month of last year.
  • Imports of Project Goods (-73.06%), Pearls, Precious & Semi-Precious Stones (-32.85%), Fertilisers, Crude & Manufactured (-31%), Dyeing/Tanning/Colouring Materials (-29.03%), Chemical Material & Products (-26.9%), Gold (-10.65%), Transport Equipment (-9.65%), Pulp And Waste Paper (-7.57%), Cotton Raw & Waste (-2.74%), Wood & Wood Products (-0.71%) and Textile Yarn Fabric, Made-Up Articles (-0.23%) record negative growth during July 2024 over the corresponding month of last year.
  • Services exports is estimated to grow by 9.89percent during April-July 2024* over April-July 2023.
  • Top 5 export destinations, in terms of change in value, exhibiting positive growth in July 2024 vis a vis July 2023 are Netherland (29.18%), U S A (3.15%), Tanzania Rep (53.14%), Singapore (14.28%) and Mexico (25.91%).
  • Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-July 2024 vis a vis April-July 2023 are Netherland (38.32%), U S A (9.06%), U Arab Emts (13.48%), Malaysia (51.86%) and Singapore (24.4%).
  • Top 5 import sources, in terms of change in value, exhibiting growth in July 2024 vis a vis July 2023 are U Arab Emts (84.87%), China P Rp (13.05%), Russia (22.56%), Qatar (34.61%) and Indonesia (15.05%).
  • Top 5 import sources, in terms of change in value, exhibiting growth in April-July 2024 vis a vis April-July2023 are U Arab Emts (47.07%), Russia (20.33%), China P Rp (9.66%), Iraq (19.4%) and Indonesia (17.19%).

*Link for Quick Estimates

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