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Business Economy


India’s exports estimated to grow at 10.25 percent in May despite geopolitical headwinds

New Delhi, Jun 14 (UNI) India’s total exports are estimated to be at USD 68.29 billion in May 2024, registering a growth of 10.25 percent over May 2023, according to figures released by the Government on Friday.
India’s total exports (Merchandise and Services combined) for May 2024 are estimated at USD 68.29 Billion, registering a positive growth of 10.25 percent vis-à-vis May 2023. Total imports (Merchandise and Services combined) for May 2024 are estimated at USD 79.20 Billion, registering a positive growth of 7.95 percent vis-à-vis May 2023.
The Merchandise exports during April-May 2024 were USD 73.12 Billion as compared to USD 69.57Billion during April-May 2023, the official statement by the Ministry of Commerce and Industry said adding the Merchandise imports during April-May 2024 were USD 116.01 Billion compared to USD 106.54 Billion during April-May 2023.
The Merchandise trade deficit during April-May 2024 widened to USD 42.89 Billion compared to USD 36.97 Billion during April-May 2023.
On the Services front, the estimated value of services exported for May 2024 is USD 30.16 Billion as compared to USD 26.99 Billion in May 2023. The estimated value of services imports for May 2024 is USD 17.28 Billion as compared to USD 15.88 Billion in May 2023.
The estimated value of service exports during April-May 2024 is USD 60.49 Billion as compared to USD 52.77 Billion in April-May 2023, the Ministry said adding the estimated value of service imports during April-May 2024 is USD 33.91 Billion as compared to USD 29.84 Billion in April-May 2023.
The services trade surplus for April-May 2024 is USD 26.58 Billion as compared to USD 22.94 Billion in April-May 2023.
Non-petroleum & Non-Gems & Jewellery exports grew at 8.83 percent from USD 26.27 Billion in May 2023 to USD 28.60 Billion in May 2024.
According to government data, major drivers of merchandise export growth in May 2024 include Petroleum Products, Engineering Goods, Electronic Goods, Drugs & Pharmaceuticals, RMG of all Textiles, and Plastic & Linoleum.
The Petroleum products exports increased by 15.75 percent from USD 5.85 Billion in May 2023 to USD 6.78 Billion in May 2024 and the Engineering Goods exports increased by 7.39 percent from USD 9.3 Billion in May 2023 to USD 9.99 Billion in May 2024.
Electronic goods exports also increased by 22.97 percent from USD 2.41 Billion in May 2023 to USD 2.97 Billion in May 2024 and the Drugs and pharmaceuticals exports increased by 10.45 percent from USD 2.08 Billion in May 2023 to USD 2.30 Billion in May 2024, it added.
Commenting on the data, the Ph.D. Chamber of Commerce and Industry said India’s exports increased significantly despite geopolitical headwinds. “We look forward to a great export growth trajectory in the current financial year,” Sanjeev Agrawal, President of PHDCCI said.
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