India’s combined exports, including both merchandise and services, reached USD 62.42 billion in July, marking a 2.81% increase compared to the same period last year, according to data released by the Commerce Ministry on Wednesday. In July 2023, total exports were USD 60.71 billion. While merchandise exports saw a slight decline, dropping from USD 34.49 billion to USD 33.98 billion, services exports experienced growth, rising from USD 26.22 billion to USD 28.43 billion during the same month.
For June, India’s total exports were reported at USD 65.47 billion. From April to July in the current fiscal year (2024-25), India’s cumulative exports have reached approximately USD 260 billion. The government remains optimistic about achieving its full-year export target of USD 800 billion.
Imports also saw an increase year-on-year in July, continuing the trend observed in June. Combined imports of merchandise and services grew from USD 67.23 billion to USD 72.03 billion, reflecting a rise of approximately 7.13%. The trade deficit, which is the difference between exports and imports, widened from 6.5% to 9.61% in July.
In the fiscal year 2023-24, India recorded a total of USD 778 billion in exports, surpassing the USD 776.3 billion achieved in 2022-23. Services exports rose from USD 325.3 billion to USD 341.1 billion, while merchandise exports saw a slight decline from USD 451.1 billion to USD 437.1 billion. To enhance the competitiveness of Indian manufacturers, attract investments, and boost exports, the government introduced a Production Linked Incentive (PLI) scheme in various sectors, including electronics. This initiative has contributed positively to India’s export performance.
Overall, India’s imports decreased from USD 898.0 billion in 2022-23 to USD 853.8 billion in 2023-24. Consequently, the trade deficit improved significantly, dropping from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
Your go-to source for supply chain logistics news updates: The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com.
#SupplyChainNews #SupplyChainNews #EconomicUpdate #GlobalTrade #ExportGrowth
