02/09/2024
Overall exports from India are likely to record a growth of 5.40% in June 2024 while the cumulative exports during April-June will rise by 8.60%, said the Ministry of Commerce and Industry in its release on Monday, July 1.
The merchandise for June 2024 stood at USD 35.20 billion as against USD 34.32 billion in June 2023, showing a growth of 2.55%.This growth has been largely driven by substantial increases in the export of engineering goods, electronic goods, drugs and pharmaceuticals, and coffee. The above-mentioned sectors have already taken a secular upward climb, truly reflecting the expanding capabilities of India in several high-demand global markets.
The value of cumulative merchandise during the first quarter of this fiscal year reached USD 109.96 billion, while the figure for the corresponding period last year stood at USD 103.89 billion, thereby recording a growth rate of 5.84%. This continued growth indicates that the export sector in India is both resilient and adaptive to setbacks in the global economy.
Overall goods exports of the country during June 2024 would rise 2.56 percent to $35.20 billion against $34.32 billion recorded in June 2023. The total merchandise imports during the month under review are expected to rise by 4.98 percent to $56.18 billion against $53.51 billion during June 2023.
It further projects that the total services exports would increase by 1.72% to USD 30.27 billion in June 2024 from USD 27.79 billion in June 2023. The imports of services are expected to rise by 10.76% to USD 17.29 billion in June 2024 against USD 15.61 billion in June 2023.
Review has anticipated sharp increases in the exports of coffee, to***co and iron ore, and electronic goods, while imports of pulses, dyeing materials, machine tools, project goods, and silver are likely to go up considerably.
