According to a survey released on Monday, India saw a rise in exports from a number of industries in July, with electronic goods, meat, dairy, and poultry products, and oil meals leading the way.
According to a Crisil analysis, the following export categories had significant growth in exports: electronic goods (37.3%), meat, dairy, and poultry products (56.2%), oil meals (22%), ready-made clothing (11.8%), spices (13%), and tea (21.8%).
Products made from dairy and poultry saw a 56.2% increase, as opposed to a 13.9% decline in the preceding month.
However, there was a contraction in the following categories: rice, inorganic and organic chemicals, ceramics and glassware, gems and jewelry, and rice.
Manmade yarn and fabric exports, among other essential export items, increased from 2.8% to 3.9% in June.
The labor-intensive industries showed tenacity. The survey stated that there was a greater growth in carpets, handicrafts, synthetic yarn, and fabrics compared to the previous month.
The study also stated that, for the first time since November 2022, exports of leather and leather products increased by 2.3% year over year.
Additionally strong were exports of ready-made clothing, which increased to 11.8% from 3.7% the previous month.
Due to an unfavorable base, the growth in rice, fruits, and vegetables was only mild when compared to the previous month.
The seeding of kharif crops is improving as a result of improved rainfall in July, and as a result, increased production is anticipated. The report stated that exports are anticipated to increase in the upcoming months, particularly with the accumulation of rice inventories.
Tobacco, tea, and spices all grew more quickly than they did the month before. Spice exports increased after declining in May due to problems with pesticides.
According to the Crisil research, a rise in marine product exports is anticipated due to the decrease in basic customs tax (BCD).
