India’s Services Exports surge 11.61% YoY to USD 280.94 billion in April-December 2024

India’s trade performance during April-December 2024 showcased growth in exports and imports, with merchandise and services combined exports estimated at USD 602.64 billion, registering a 6.03% growth compared to the same period last year. Total imports during the period rose to USD 682.15 billion, reflecting a 6.91% increase, as per the Press Information Bureau.

Key Trade Highlights:

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  • Merchandise Exports:
    • April-December 2024: USD 321.71 billion (1.6% YoY growth)
    • December 2024: USD 38.01 billion compared to USD 38.39 billion in December 2023 (a slight dip)
  • Services Exports:
    • April-December 2024: USD 280.94 billion (11.61% growth YoY)
    • December 2024 (estimated): USD 32.66 billion (up from USD 31.63 billion in December 2023)
  • Trade Balance:
    • April-December 2024: Deficit of USD 79.50 billion, higher than the USD 69.67 billion deficit recorded in the same period of 2023.

Sectoral Performance:

  • Non-Petroleum Exports: Grew by 7.05% YoY to USD 272.70 billion during April-December 2024.
  • Electronic Goods Exports: Jumped 35.11% YoY to USD 3.58 billion in December 2024.
  • Rice Exports: Surged 64.03% YoY, reaching USD 1.43 billion in December 2024.
  • Ready-Made Garments (RMG): Increased by 12.89% to USD 1.46 billion in December 2024.

Import Insights:

  • Merchandise Imports:
    • December 2024: USD 59.95 billion, up from USD 57.15 billion in December 2023.
    • April-December 2024: USD 532.48 billion (5.14% YoY growth).
  • Non-Petroleum Imports: Rose to USD 394.17 billion, reflecting a 4.71% YoY growth.

Notable Export Destinations (December 2024):

  • USA: 8.49% increase
  • Saudi Arabia: 50.46% growth
  • France: 67.37% surge

Outlook:

India’s trade data for 2024 highlights steady progress across sectors, driven by rising demand for electronic goods, engineering products, and agricultural exports like rice. However, a widening trade deficit indicates the need for careful monitoring of import dynamics.