Tuesday, 29 Apr, 2025
Talking about India’s trade in FY 2023-24, India’s overall exports (Merchandise and Services combined) in FY 2023-24 are estimated to be $776.68 Billion. Image Source: IANS
India’s total exports (Merchandise and Services combined) for June 2024 is estimated at $65.47 Billion, registering a positive growth of 5.40 percent vis-à-vis June 2023.
According to the data released by the Ministry of Commerce and Industry, India’s merchandise exports increased to $35.2 billion in June 2024, registering a positive growth of 2.55 percent. The merchandise exports in June 2023 stood at $34.2 billion. New Delhi’s merchandise imports increased to $56.18 billion in June 2024 as compared to $53.51 during the same period in 2023. As a result, India's trade deficit narrowed to $20.98 billion in June from $23.78 billion in May.
Total Trade during April- June 2024
Source: Ministry of Commerce and Industry
India’s total exports (Merchandise and Services combined) for June 2024 is estimated at $65.47 Billion, registering a positive growth of 5.40 percent vis-à-vis June 2023. Total imports (Merchandise and Services combined) for June 2024 is estimated at $73.47 Billion, registering a positive growth of 6.29 percent vis-à-vis June 2023.
Total Trade in June 2024
Source: Ministry of Commerce and Industry
Coming over to the Merchandise exports during April-June 2024, they were valued at $109.96 Billion as compared to $103.89 Billion during April-June 2023. Merchandise imports during April-June 2024 were $172.23 Billion compared to $160.05 Billion during April-June 2023.
Merchandise Trade during April- June 2024
Source: Ministry of Commerce and Industry
Merchandise trade deficit during April-June 2024 was $62.26 Billion compared to $56.16 Billion during April-June 2023. This shows that the merchandise trade deficit has widened year-on-year.
Merchandise Trade in June 2024
Source: Ministry of Commerce and Industry
For the first time in ten quarters, India reported a current account surplus in the March quarter of $5.7 billion, or 0.6 percent of GDP. A $ 8.7 billion (one percent of GDP) deficit was seen in the previous quarter, compared to a USD 1.3 billion (0.2 percent of GDP) deficit in the year prior. Numerous variables, such as a growing services trade surplus, a decline in the merchandise trade deficit, and an increase in remittances, are responsible for the improvement in the current account balance.
Releasing the monthly trade figure, Trade secretary Sunil Barthwal said, "India’s total exports in the first quarter of 2024/25 have crossed $200 billion and, if this trend continues, we hope this fiscal year’s exports cross $800 billion.”
Mr. Barthwal said that inflation is heading downward and that the global economy is looking brighter. If growth impulses continue, India's total exports could surpass $800 billion this year. Thus, the Secretary stated, "that is a good takeaway from the quarterly figures, which gives us optimism." In order to increase exports, he said, the government is concentrating on 20 nations and six important industries.
Talking about the service trade, the exports of services have increased to $30.27 billion in June 2024 from $27.79 billion in June 2023. The import of services also registered an increase from $15.61 billion in June 2023 to $17.29 billion in June 2024.
Service Trade in June 2024
Source: Ministry of Commerce and Industry
The estimated value of service exports during April-June 2024 is $90.37 Billion as compared to $80.57 Billion in April-June 2023 whereas the estimated value of service imports during April-June 2024 is $50.67 Billion as compared to $45.45 Billion in April-June 2023. The services trade surplus for April-June 2024 is $39.70 Billion as compared to $35.12 Billion in April-June 2023.
Service Trade from April- June 2024
Source: Ministry of Commerce and Industry
Talking about India’s trade in FY 2023-24, India’s overall exports (Merchandise and Services combined) in FY 2023-24 are estimated to be $776.68 Billion, exhibiting a positive growth of 0.04 percent over FY 2022-23. Overall imports in FY 2023-24 are estimated to be $854.80 Billion, exhibiting a negative growth of (-) 4.81 percent over FY 2022-23.
Data from the economic research tank GTRI shows that, with two-way trade reaching US$118.4 billion in FY 2023–2024, China has surpassed the US to become India’s largest trading partner. Bilateral commerce between the US and India was US$118.3 billion during that time. In 2021–2022 and 2022–2023 the US was India’s top trading partner.
According to GTRI's estimate, India's exports to China reached US$16.67 billion in FY24, a noteworthy growth of 8.7 percent. Iron ore, cotton yarn/fabrics/madeups, handloom items, spices, fruits and vegetables, plastic and linoleum were among the major industries propelling this boom. In the meantime, moderate growth in imports from China—totaling US$101.7 billion—of 3.24 percent occurred. High-tech products such as laptops, PCs, and parts for smartphones and telecoms, as well as industrial inputs like plastic, steel, and iron, were among the main imports.
As per the data released by the ministry, top 5 export destinations, in terms of change in value, exhibiting positive growth in June 2024 vis a vis June 2023 are USA (5.98 percent), UAE (13.81 percent), Malaysia (93.82 percent), Bangladesh (25.2 percent) and Tanzania (59.13 percent).
