New Delhi, Oct 16 (UNI) India’s merchandise exports rose marginally by 0.49% year-on-year to US$34.58 billion in September 2024 despite a number of global challenges, showing signs of uptick in demands from key markets.
The value of merchandise exports in September 2023 had stood at US$34.41 billion.
As per official data from commerce ministry, major drivers of merchandise exports growth in September 2024 included engineering goods, chemicals, plastic & linoleum, drugs & pharmaceuticals and readymade garments of all textiles.
Engineering goods exports increased by 10.5% from US$8.89 billion in September 2023 to US$9.82 billion in September 2024.
“Some of the engineering goods segments like industrial machinery and auto & auto components have done well in the current fiscal so far but the performance of the metal sector has been below par for a number of reasons including pricing issues and logistics costs,” said EEPC India Chairman Arun Kumar Garodia.
Organic & inorganic chemicals exports increased by 11.21% from US$2.12 billion in September 2023 to US$2.36 billion in September 2024.
Non-petroleum and non-gems & jewellery exports in September 2024 were US$27.03 billion compared to US$24.76 billion in September 2023. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in September 2024 were US$36.49 billion compared to US$34.21 billion in September 2023.
During September this year, the total imports were worth US$55.36 billion and as a result trade deficit during the period stood at US$20.78 billion.
The official data released on Wednesday showed India’s total services exports in September this year were worth US$30.61 billion as against US$28.42 billion in the same month last year thus registering a growth of 7.70%.
“India’s total exports (Merchandise and Services combined) for September 2024 is estimated at US$65.19 billion, registering a positive growth of 3.76 percent vis-à-vis September 2023. Total imports (Merchandise and Services combined) for September 2024 is estimated at US$71.68 billion, registering a positive growth of 3.79 percent vis-à-vis September 2023,” commerce ministry said in a press release.
The cumulative overall exports during April-September 2024 is estimated at US$393.22 billion, as compared to US$375 billion in April-September 2023, with an estimated growth of 4.86%.
