India’s electronic goods exports experienced a significant increase of 37.31 per cent in July year-on-year, rising to USD 2.8 billion from USD 2.04 billion in July 2023, according to data from the Ministry of Commerce and Industry. This growth underscores the expanding global demand for Indian electronics. For the period from April to July 2024, the total export value of electronic goods reached USD 11.24 billion.
The data also reveals that the most substantial year-on-year growth in July 2024 was in the export of meat, dairy, and poultry products, which surged by 56.18 per cent. This highlights a robust performance in India’s agricultural export sector as well. India’s overall exports, merchandise and services combined, in July were to the tune of USD 62.42 billion, a 2.81 rise on a yearly basis, Commerce Ministry data showed on Wednesday.
During the first four months of 2024-25 (April-July), India’s total exports now stand at around USD 260 billion. The government has expressed optimism about reaching its full-year target of USD 800 billion. The country’s imports also increased year-on-year in July, data showed today. The same was the case in June. The overall imports, both merchandise and services combined, increased from USD 67.23 billion to USD 72.03 billion, a rise of about 7.13 per cent, in July.
In terms of trade deficit, meaning the difference between exports and imports, it widened from 6.5 per cent to 9.61 per cent in July. In the recently concluded financial year 2023-24, India registered record exports at USD 778 billion. In 2022-23, the country exported goods and services combined at USD 776.3 billion. Services exports rose from USD 325.3 billion to USD 341.1 billion in 2023-24, while merchandise exports marginally declined from USD 451.1 billion to USD 437.1 billion.
One of the key initiatives taken by the government to boost exports was the launch of a Production Linked Incentive (PLI) scheme in various sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain, and reduce dependency on imports. These efforts seem to have paid off, as evidenced by the significant growth in exports.
Overall imports declined from USD 898.0 billion in 2022-23 to USD 853.8 billion. Both merchandise and services exports declined during the financial year. However, the overall trade deficit significantly improved from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
In conclusion, India’s export sector, particularly in electronic goods and agricultural products, has shown remarkable growth in recent months. With strategic initiatives like the PLI scheme and a focus on enhancing competitiveness, India is on track to achieve its export targets and strengthen its position in the global market.
