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TMI BlogIndia’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%.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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%. - News and Press Release Dated:- 14-8-2024 - News - 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%. - - - Dated:- 14-8-2024 - 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 (Merchan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dise and Services combined) for July 2024* is estimated at USD 62.42 Billion, registering a positive growth of 2.81 percent vis- -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- -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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 jewe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llery (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 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. 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 Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cl. 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 Equi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pment (-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%), Malays ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia (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 - - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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