India's exports of goods and services saw a 5.4% increase in June, reaching $65.47 billion. For the April-June quarter, the total exports climbed by 8.6% to $200.33 billion, as reported by the Commerce and Industry Ministry on Monday. Trade Secretary Sunil Barthwal noted that "India’s total exports in the first quarter of 2024-25 have surpassed $200 billion, and if this momentum continues, we anticipate this fiscal year’s exports will exceed $800 billion."
The data indicates that merchandise exports grew by 2.55%, amounting to $35.20 billion in June, compared to $34.32 billion in June 2023. The cumulative merchandise exports for April-June 2024 reached $109.96 billion, reflecting a 5.84% increase from $103.89 billion during the same period last year.
Exports of non-petroleum and non-gems and jewelry items rose by 8.48%, increasing from $25.29 billion in June 2023 to $27.43 billion in June 2024.
Key contributors to the growth in merchandise exports for June 2024 included engineering goods, electronic items, pharmaceuticals, coffee, and organic and inorganic chemicals.
Engineering goods exports rose by 10.27%, from $8.52 billion in June 2023 to $9.39 billion in June 2024. Electronic goods saw a significant increase of 16.91%, going from $2.42 billion to $2.82 billion in the same period. Exports of drugs and pharmaceuticals grew by 9.93%, from $2.25 billion to $2.47 billion. Coffee exports surged by an impressive 70.02%, from $0.12 billion to $0.20 billion. Organic and inorganic chemicals also saw a rise of 3.32%, increasing from $2.22 billion to $2.29 billion.
Total imports, combining merchandise and services, for June 2024 were estimated at $73.47 billion, marking a 6.29% growth compared to June 2023. Overall imports during April-June 2024 reached approximately $222.89 billion, reflecting an 8.47% increase.
The figures highlight a robust performance in the services sector, with a services trade surplus of $39.70 billion for April-June 2024, up from $35.12 billion during the same quarter in 2023.
Read also | India Has the Potential to Lead in AI Like China Did in Manufacturing: Bhavish Aggarwal
Read also | IMF Boosts India’s 2024-25 GDP Growth Projection to 7%
