Indian exports remained strong in the first quarter of the current fiscal year FY25, propped up by growth in major export sectors like drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals, and readymade garments. Labour-intensive export categories like carpets, handloom products, synthetic textiles, plastics, linoleum, and readymade garments have seen positive growth but at a slow pace vis-a-vis the previous month alone, according to Crisil.
In contrast, handmade carpets, jute manufacturing including floor coverings, and leather and leather products have declined. More noticeably, petroleum exports dropped by 18.3% year-on-year and by 18.5% month-on-month in June.
While petroleum exports decreased, oil imports rose to meet local demand, which was augmented by local refineries functioning above their normal capacity. Oil imports rose 19.6% in June, slower than the growth of 28% in May.
On the import front, imports of fruits, vegetables, non-ferrous metals, project goods, textiles, yarns, fabrics, wood and wood products recorded higher growth compared to last month.
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