
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:
- 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.