India’s cumulative export during April-September 2024 is estimated at $393.22 billion, as compared to the $375 billion in April- September 2023, with an estimated growth rate of 4.8%. The Ministry of Commerce and Industry released the monthly update on Indian foreign trade on October 16, 2024. The report shows that import value for April- September 2024 stands at $419.18 billion, as compared to $448.05 billion in April- September 2023, with an estimated growth rate of 6.9%. India’s trade deficit stands at $54.83 billion in April-September 2024 compared with $44.18 billion in 2023 with an increase of 24.11%.

Among the total exports, exports stood at $213.22 billion, with 1.02% year-on-year growth. Non-petroleum and non-gems jewellery exports registered an increase of 9.14% and stood at $27.03 billion in September 2024. Major drivers for Merchandise export growth are Engineering Goods, Organic and inorganic Chemicals, Plastic and linoleum, Drugs and pharmaceuticals, and RMG of all Textiles.

Sector-wise, Engineering Goods exports increased by 10.55% from $8.89 billion in September 2023 to $9.82 billion in September 2024. Organic and Inorganic chemicals increased by 11.21% from $2.12 billion in September 2023 to $ 2.36 billion in September 2024. Plastic and Linoleum increased by 28.32% to $0.79 billion, Drugs and Pharmaceuticals by 7.22% to 2.57 billion, and RMG of all textile exports increased by 17.30% to $1.11 billion in September 2024.

In the service segment exports for April-September 2024 are $180 billion as compared to $163.92 billion in April-September 2023. While imports value for the same period stood at $97.39 billion compared to $88.86 billion in April-September 2023. Service exports growth is estimated at 9.81% during April-September 2024.

Netherlands is the top export destination in terms of change of value exhibiting growth in April-September 2024 with 36.73% followed by Malaysia, the UK, UAE and the USA. top 5 destinations in import in terms of change in value exhibiting growth in April-September 2024 UAE, Taiwan, Germany, Japan and China.