India : The primary drivers behind the growth in India’s merchandise exports in January 2024 encompass Petroleum Products, Engineering Goods, Iron Ore, Electronic Goods, Drugs & Pharmaceuticals, among others.
- Exports of Petroleum Products in January 2024 surged by 6.57%, reaching USD 8.21 Billion compared to USD 7.70 Billion in January 2023.
- Engineering Goods exports saw a rise of 4.20% in January 2024, totaling USD 8.77 Billion compared to USD 8.41 Billion in January 2023.
- Electronic Goods exports experienced a notable increase of 9.31% in January 2024, reaching USD 2.30 Billion compared to USD 2.11 Billion in January 2023.
- Exports of Drugs and Pharmaceutical Products in January 2024 amounted to USD 2.13 Billion, marking a growth of 6.84% from USD 2.00 Billion in January 2023.
- Furthermore, exports of Agricultural products, including Tobacco (47.32%), Meat, Dairy & Poultry Products (26.12%), Spices (20.50%), Cereal Preparations & Miscellaneous Processed Items (18.69%), Oil Meals (14.66%), Oil Seeds (11.34%), and Fruits & Vegetables (10.61%), continued to expand in January 2024.
- The overall trade deficit showed a significant improvement of 37.11%, declining from USD 111.99 Billion in April-January 2022-23 to USD 70.43 Billion in April-January 2023-24. Additionally, the merchandise trade deficit improved by 9.66%, decreasing from USD 229.37 Billion in April-January 2022-23 to USD 207.20 Billion in April-January 2023-24.
For the month of January 2024 :
- In January 2024, among merchandise exports, 18 out of the 30 key sectors demonstrated positive growth compared to the same period in January 2023. Notable sectors with positive growth include Iron Ore (109.79%), Tobacco (47.32%), Meat, Dairy & Poultry Products (26.12%), Spices (20.5%), Cereal Preparations & Miscellaneous Processed Items (18.69%), Oil Meals (14.66%), Oil Seeds (11.34%), Fruits & Vegetables (10.61%), Plastic & Linoleum (9.55%), Carpet (9.44%), Electronic Goods (9.31%), Tea (6.92%), Drugs & Pharmaceuticals (6.84%), Petroleum Products (6.57%), Coffee (5.53%), Engineering Goods (4.2%), Cotton Yarn/Fabs./Made-Ups, Handloom Products Etc. (2.5%), and Organic & Inorganic Chemicals (0.3%).
- On the other hand, in merchandise imports for the same period, 17 out of the 30 key sectors experienced negative growth in January 2024. Sectors facing a decline include Fertilisers, Crude & Manufactured (-69.08%), Newsprint (-57.23%), Sulphur & Unroasted Iron Pyrts (-46.18%), Project Goods (-43.94%), Vegetable Oil (-38.18%), Pulp And Waste Paper (-37.96%), Cotton Raw & Waste (-32.32%), Leather & Leather Products (-28.81%), Wood & Wood Products (-21.21%), Transport Equipment (-20.6%), Organic & Inorganic Chemicals (-18.05%), Chemical Material & Products (-11.48%), Textile Yarn Fabric, Made-Up Articles (-11.24%), Artificial Resins, Plastic Materials, Etc. (-7.93%), Iron & Steel (-7.47%), Machinery, Electrical & Non-Electrical (-5.71%), and Non-Ferrous Metals (-2.12%).