Last month, India's outbound shipments have increased, driven majorly by electronic goods, meat, products related to dairy and poultry, and oil meals, according to a report Monday.
The Crisil report points out that electronic goods soared by 37.3%, while meat, dairy, and poultry products surged by 56.2%, and oil meals shot up by 22%. On the other sectors' front, readymade garments, spices, and tea have also shown strong export growth. In readymade garments, it went up by 11.8%; in spices, it rose by 13%, and in tea by 21.8% on a year-on-year basis.
Prominent among these was the sharp rebound of dairy and poultry products that rose 56.2 percent against a decline of 13.9 percent in the previous month.
On the other hand, exports of gems and jewellery, ceramic products and glassware, organic and inorganic chemicals, rice have declined. Manmade yarn and fabrics witnessed a marginal growth to 3.9 percent from 2.8 percent in June.
It's good to know that labour-intensive sectors were resilient with remarkable growth in carpets, handicrafts, and manmade yarn and fabrics.
For the first time since November 2022, exports of leather and leather products went up by 2.3 per cent year-on-year. Readymade garments performed well, rising by 11.8 per cent against 3.7 per cent in the previous month.
This was despite more moderate growth in rice and fruits and vegetables, partly due to a challenging base. The report added that improved rainfall in July is likely to boost kharif crop output, resulting in higher rice exports in the near future.
While growth of exports of spices, tea, and tobacco picked up, these were largely driven by recovery, as earlier the spice exports were contracted due to pesticide problems. Secondly, marine product exports are likely to get a fillip from the recent reduction in basic customs duty.
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