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
9911796707
