New Delhi, May 15 (Mayank Nigam) On the back of higher shipments of items such as electronic goods, chemicals and petroleum products, India’s merchandise exports rose 1.06% year-on-year to US$34.99 billion in April 2024. As per trade data released by Ministry of Commerce and Industry, India’s merchandise imports stood at US$54.09 billion in April 2024 as compared to US$49.06 billion in the same month last year. Merchandise trade deficit in April this year was US$19.1 billion. As per the official data, services exports in April 2024 stood at US$ 29.57 billion as against US$25.78 billion in April 2023. The estimated value of services import for April 2024 is US$ 16.97 billion as compared to US$ 13.96 billion in April 2023.
India’s overall exports (merchandise and services) in April 2024 was US$64.56 billion, a growth of 6.88% as against US$60.40 billion in April 2023. Non-petroleum & non-gems & jewellery exports recorded an increase of 1.32% from US$ 25.77 billion in April 2023 to US$ 26.11 billion in April 2024. The official data showed electronic goods exports increased by 25.8% from US$ 2.11 billion in April 2023 to US$ 2.65 billion in April 2024. Exports of organic and inorganic chemicals increased by 16.75% from US$ 2.14 billion in April 2023 to US$ 2.50 Billion in April 2024. Drugs and pharmaceuticals exports increase 7.36% on-year to US$ 2.43 billion in April 2024.
Petroleum products exports rose 3.10% from US$ 6.42 billion in April 2023 to US$ 6.62 billion in April 2024. “In merchandise exports, 13 of the 30 key sectors exhibited positive growth in April 2024 as compared to the same period last year (April 2023). These include electronic goods (25.8%), tea (25.74%), organic & inorganic chemicals (16.75%), coffee (15.87%), tobacco (13.22%), spices (12.27%), drugs & pharmaceuticals (7.36%), cotton yarn/fabs./made-ups, handloom products etc. (6.65%), carpet (5.64%), cereal preparations & miscellaneous processed items (5.33%), petroleum products (3.1%), plastic & linoleum (2.99%) and handicrafts excl. hand made carpet (2.36%),” Commerce Ministry said in a press release.