Data issued by the Commerce and Industry Ministry on Monday showed that while India’s total export growth during the April-June quarter of this year jumped by 8.6% to $200.33 billion, the country’s goods and services exports expanded by 5.4% in June to $65.47 billion.
“Trade Secretary Sunil Barthwal released the monthly trade figures. We hope this fiscal year’s exports cross $800 billion. India’s total exports in the first quarter of 2024-25 have crossed $200 billion. If this trend continues.”
According to the figures, merchandise exports increased by 2.55% to $35.20 billion in June 2024 from $34.32 billion in June 2023. The total value of merchandise exports from April to June 2024 increased by 5.84 percent to $109.96 billion from $103.89 billion in April to June 2023.
Exports of jewelry and non-precious metals increased by 8.48% from $25.29 billion in June 2023 to $27.43 billion in June 2024.
By June 2024, engineering goods, electronics, pharmaceuticals, coffee, and organic and inorganic chemicals will be the main merchandise export growth drivers.
Exports of engineering items rose from $8.52 billion in June 2023 to $9.39 billion in June 2024, a 10.27% rise.
Exports of electronic items rose from $2.42 billion in June 2023 to $2.82 billion in June 2024, a 16.91 percent rise.
Exports of pharmaceuticals and drugs rose from $2.25 billion in June 2023 to $2.47 billion in June 2024, a 9.93% rise.
From $0.12 billion in June 2023 to $0.20 billion in June 2024, coffee exports climbed by 70.02 percent.
Exports of both organic and inorganic chemicals rose from $2.22 billion in June 2023 to $2.29 billion in June 2024, a 3.32 percent rise.
The predicted total imports (goods and services combined) for June 2024 are projected to be $73.47 billion, representing a positive increase of 6.29% over June 2023.
Estimated total imports from April to June 2024 are projected to be $222.89 billion, an increase of 8.47 percent.
According to the data, the nation’s services exports have grown significantly, with a services trade surplus of $39.70 billion for April–June 2024 compared to $35.12 billion for the same period in 2023.
