New Delhi, Jan 15 (UNI) Amid global uncertainties, India’s merchandise or goods exports fell marginally in December 2024 with the total value of the shipments standing at USD 38.01 billion as compared to USD 38.39 billion in the corresponding month of the previous year and trade deficit stood at USD, according to Export-Import data released by the Government.
Merchandise imports during December 2024 stood at USD 59.95 billion, up 4.89% over imports of USD 57.15 billion in the same month a year ago resulting in Merchandise trade deficit during December 2024 at USD 21.94 billion.
India’s total exports (Merchandise and Services combined) for December 2024 is estimated at USD 70.67 Billion, registering a positive growth of 0.92 percent versus December 2023. Total imports (Merchandise and Services combined) for December 2024 is estimated at USD 77.44 Billion, registering a positive growth of 6.40 percent vis-à-vis December 2023, Ministry of Commerce & Industry said in a statement.
India’s services exports in December 2024 grew 3.25% year-on-year to USD 32.66 billion as against USD 31.63 billion in the same month year ago. While the services imports during December 2024 were USD 17.50 billion as against USD 15.63 billion in the corresponding month of 2023.
The cumulative exports (merchandise and services) during April-December 2024 is estimated at USD 602.64 Billion, as compared to USD 568.36 Billion in April-December 2023, an estimated growth of 6.03%, the government said adding the cumulative value of merchandise exports during April-December 2024 was USD 321.71 Billion, as compared to USD 316.65 Billion during April-December 2023, registering a positive growth of 1.6%.
Non-Petroleum exports in December 2024 valued at USD 33.09 Billion registered an increase of 5.05% as compared to USD 31.50 Billion in December 2023, it said adding the cumulative Non-Petroleum exports in April – December 2024 valued at USD 272.70 Billion registered an increase of 7.05% as compared to USD 254.74 Billion in April – December 2023.
Major drivers of merchandise exports growth in December 2024 include Electronic Goods, Engineering Goods, Rice, RMG of all Textiles and Cotton Yarn/Fabs./made-ups, Handloom Products etc.
Electronic Goods exports increased by 35.11% from USD 2.65 Billion in December 2023 to USD 3.58 Billion in December 2024. While the Engineering Goods exports increased by 8.35% from USD 10.01 Billion in December 2023 to USD 10.84 Billion in December 2024.
Similarly, rice exports increased by 64.03% from USD 0.87 Billion in December 2023 to USD 1.43 Billion in December 2024 and RMG of all textiles exports increased by 12.89 % from USD 1.30 Billion in December 2023 to USD 1.46 Billion in December 2024.
Cotton Yarn/Fabs./made-ups, Handloom Products etc. exports increased by 11.98 % from USD 0.94 Billion in December 2023 to USD 1.05 Billion in December 2024, the Ministry of Commerce and Industry said.
