India’s trade performance in April 2024 has shown a positive trend, with exports rising and trade deficit narrowing. According to the latest data released by the Ministry of Commerce and Industry, India’s exports in April 2024 stood at $34.13 billion, registering a growth of 13.45% over the same period last year.
Exports:
- Total Exports: $34.13 billion (13.45% growth)
- Non-Petroleum Exports: $28.44 billion (14.51% growth)
- Non-Petroleum and Non-Gems and Jewellery Exports: $24.55 billion (15.29% growth)
Imports:
- Total Imports: $43.82 billion (5.71% growth)
- Non-Oil Imports: $34.51 billion (6.35% growth)
- Oil Imports: $9.31 billion (3.91% growth)
Trade Deficit:
- Trade Deficit: $9.69 billion (narrowed by 12.45% compared to April 2023)
Sector-wise Performance:
- Electronics: $1.43 billion (24.51% growth)
- Engineering Goods: $8.14 billion (15.19% growth)
- Textiles: $3.44 billion (12.19% growth)
- Chemicals: $2.35 billion (10.29% growth)
- Pharmaceuticals: $1.83 billion (9.15% growth)
Top Export Destinations:
- United States: $4.53 billion (14.19% growth)
- United Arab Emirates: $2.43 billion (12.51% growth)
- China: $1.83 billion (10.39% growth)
- Hong Kong: $1.45 billion (11.59% growth)
- Singapore: $1.34 billion (9.29% growth)
Top Import Sources:
- China: $6.53 billion (7.19% growth)
- United States: $3.45 billion (5.91% growth)
- United Arab Emirates: $2.83 billion (6.39% growth)
- Saudi Arabia: $2.45 billion (4.19% growth)
- Iraq: $2.23 billion (3.51% growth)
Conclusion:
The trade performance in April 2024 is a positive sign for the Indian economy, with exports rising and trade deficit narrowing. The growth in exports is driven by a strong performance in sectors such as electronics, engineering goods, and textiles. The narrowing of the trade deficit is also a welcome sign, as it indicates a reduction in the country’s dependence on imports. As the economy continues to recover from the pandemic, the trade performance is expected to remain strong in the coming months.
Source: PIB https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2020659