Parul
India saw cumulative overall exports at $393.22 billion in the April-September period, a growth of 4.86 per cent as compared to $375 billion in the same period last year, the government said on Wednesday. The cumulative value of merchandise exports was $213.22 billion in the first six months of the current fiscal, as compared to $211.08 billion during April-September 2023, registering a positive growth of 1.02 per cent. Services exports are estimated to grow by 9.81 per cent during April-September 2024.
For the month of September, India’s total exports (merchandise and services) were estimated at $65.19 billion, registering a positive growth of 3.76 per cent (YoY), according to the Ministry of Commerce and Industry.
Major drivers of merchandise export growth in September included engineering goods, organic and inorganic chemicals, plastic and linoleum, drugs and pharmaceuticals and ready-made garments (RMG) of all textiles.
Sector-wise, engineering goods exports increased by 10.55 per cent from $8.89 billion to $9.82 billion in September. Organic and inorganic chemicals exports increased by 11.21 per cent from $2.12 billion to $2.36 billion. While plastic and linoleum exports increased by 28.32 per cent from $0.62 billion in September 2023 to $0.79 billion last month, drugs and pharmaceuticals exports increased by 7.22 per cent from $2.39 billion to $2.57 billion. RMG of all textiles exports increased by 17.30 per cent from $0.95 billion in September 2023 to $1.11 billion in September 2024.
Total imports (merchandise and services combined) for September are estimated at $71.68 billion, registering a positive YoY growth of 3.79 per cent.
The top five export destinations exhibiting positive growth were the Netherlands (38.6 per cent), the UAE (23.75 per cent), the US (4.98 per cent), Brazil (41.98 per cent), and Japan (36.35 per cent).
Federation of Indian Export Organisations (FIEO) President Ashwani Kumar said that an increase in merchandise exports, amid rising geopolitical tension coupled with economic uncertainties and logistical challenges, is a good sign of revival. “The good growth in exports of engineering, chemicals, plastics, pharma, readymade garments and electronics etc is an encouraging sign for job growth in the country,” he added.
