New Delhi, Aug 14 (Agency) Amid slowdown in some advanced economies leading to tepid demand, India’s merchandise exports dipped 1.47% year-on-year to USD 33.98 billion in July 2024 as compared to USD 34.49 billion in the same month a year ago, as per official data released on Wednesday. India’s merchandise imports rose 7.45% year-on-year to USD 57.48 billion in July this year as compared to USD 53.49 billion in July last year.
The services front, the export of services are estimated to be at USD 28.43 billion in July this year up over 8 per cent year-year-year basis as against USD 26.22 billion in the same month last year. Services imports stood at USD 14.55 billion in July compared to USD 13.74 billion in July 2023. India’s total exports (Merchandise and Services combined) for July 2024 is estimated at USD 62.42 Billion, registering a positive growth of 2.81 percent vis-à-vis July 2023. Total imports (Merchandise and Services combined) for July 2024 is estimated at USD 72.03 Billion, registering a positive growth of 7.14 percent vis-à-vis July 2023. The trade balance, therefore, has risen to USD 9.61 billion in July this year as against USD 6.52 in the month of July last year, whereas for the April-July period of 2024 the trade balance is estimated at USD 31.17 billion compared to USD 27.55 billion in the April-July of 2023, the official release said.
The cumulative value of merchandise exports during April-July 2024 was USD 144.12 Billion as compared to USD 138.39 Billion during April-July 2023, registering a positive growth of 4.15%. India’s total exports (merchandise plus services) during April-July2024 is estimated at USD 261.47 Billion registering a positive growth of 6.65 percent. Total imports (merchandise plus services) during April-July 2024 is estimated at USD 292.64 Billion registering a growth of 7.30 percent. Major drivers of merchandise exports growth in July 2024 include Electronic Goods, Engineering Goods, Drugs & Pharmaceuticals, Meat, dairy & poultry products and RMG of all Textiles. The Electronic goods exports increased by 37.31% from USD 2.04 Billion in July 2023 to USD 2.81 Billion in July 2024, the statement said, adding Engineering Goods exports increased by 3.66% from USD 8.72 Billion in July 2023 to USD 9.04 Billion in July 2024. Drugs and pharmaceuticals exports increased by 8.36% from USD 2.13 Billion in July 2023 to USD 2.31 Billion in July 2024, while the Meat, dairy & poultry products exports increased by 56.18% from USD 0.29 Billion in July 2023 to USD 0.46 Billion in July 2024. RMG of all Textiles exports increased by 11.84% from USD 1.14 Billion in July 2023 to USD 1.28 Billion in July 2024, it added. Non-petroleum & Non-Gems & Jewellery exports registered an increase of 5.69% from USD 25.47 Billion in July 2023 to USD 26.92 Billion in July 2024. The rising geo-political tensions in West Asia have added to the global uncertainty. The Russia-Ukraine conflict which started more than two years back has refused to die down.