India’s total cumulative exports, encompassing both merchandise and services, during April–December 2024, are estimated at USD 602.64 billion, reflecting a 6.03 percent growth compared to USD 568.36 billion in the same period of 2023. Merchandise exports during this timeframe totalled USD 321.71 billion, marking a modest 1.6 percent growth from USD 316.65 billion in April–December 2023.
Non-petroleum exports for December 2024 reached USD 33.09 billion, increasing by 5.05 percent compared to USD 31.50 billion in December 2023. For April–December 2024, non-petroleum exports amounted to USD 272.70 billion, growing by 7.05 percent from USD 254.74 billion in the previous year. Additionally, non-petroleum and non-gems & jewellery exports for December 2024 saw an 8.25 percent rise, amounting to USD 30.96 billion compared to USD 28.60 billion in December 2023.
Key drivers of merchandise export growth in December 2024 included electronic goods, engineering goods, rice, ready-made garments (RMG) of all textiles, and cotton yarn, fabrics, made-ups, and handloom products. Notable increases include:
- Electronic goods: 35.11 percent growth, rising from USD 2.65 billion in December 2023 to USD 3.58 billion.
- Engineering goods: 8.35 percent growth, from USD 10.01 billion to USD 10.84 billion.
- Rice: 64.03 percent growth, from USD 0.87 billion to USD 1.43 billion.
- RMG of all textiles: 12.89 percent growth, from USD 1.30 billion to USD 1.46 billion.
- Cotton yarn, fabrics, made-ups, handloom products: 11.98 percent growth, from USD 0.94 billion to USD 1.05 billion.
India’s total exports, including services, for December 2024 are estimated at USD 70.67 billion, a 0.92 percent increase compared to December 2023. Total imports for December 2024 are estimated at USD 77.44 billion, up by 6.40 percent. For April–December 2024, total imports are estimated at USD 682.15 billion, reflecting a 6.91 percent growth compared to the same period in 2023.
Merchandise Trade
Merchandise exports in December 2024 stood at USD 38.01 billion, slightly lower than USD 38.39 billion in December 2023. Imports during the same month were USD 59.95 billion, up from USD 57.15 billion. For April–December 2024, merchandise exports totalled USD 321.71 billion, while imports reached USD 532.48 billion, resulting in a trade deficit of USD 210.77 billion, compared to USD 189.74 billion in April–December 2023.
Services Trade
Services exports in December 2024 are estimated at USD 32.66 billion, growing from USD 31.63 billion in December 2023. Imports for the same period increased to USD 17.50 billion from USD 15.63 billion. For April–December 2024, services exports are estimated at USD 280.94 billion, compared to USD 251.71 billion in the same period in 2023, while imports rose to USD 149.67 billion from USD 131.64 billion. This resulted in a services trade surplus of USD 131.27 billion, an improvement from USD 120.07 billion.
Top Export and Import Destinations
In December 2024, the top five export destinations with significant growth included USA (8.49 percent growth), Saudi Arabia (50.46 percent), France (67.37 percent), Bangladesh (33.58 percent), and Sri Lanka (83.68 percent).
Key import sources showing growth in December 2024 included China (9.14 percent), Switzerland (85.65 percent), Thailand (71.7 percent), Germany (28.63 percent), and the USA (9.88 percent).
Trade Deficit
During the nine months period April-December 2024, the Trade Deficit expanded to 79.50 UDS Billion from 69.67 USD Billion in April-December 2023.
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