US accounts for 18 per cent of Indian exports in FY24
The US accounted for 18 per cent of India's total exports in the financial year (FY) 24, as the country's exports to the world's largest economy continuously increased
India’s total exports (merchandise and services combined) during November 2024 are estimated at $67.79 billion, registering a growth of 9.59 per cent vis-a-vis November 2023, the Commerce and Industry Ministry announced on Monday.
The cumulative value of merchandise exports during April-November 2024 was $284.31 billion, as compared to $278.26 billion during April-November 2023, registering a positive growth of 2.17 per cent.
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However, merchandise exports during November 2024 were $32.11 billion as compared to $33.75 billion in November 2023, registering a marginal decline. This was largely due to the drop in petroleum exports.
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Non-petroleum merchandise exports in November touched $28.40 billion which represents a 7.75 per cent increase in comparison with $26.36 billion in November 2023, according to official figures.
The major drivers of merchandise export growth in November 2024 include electronic goods, engineering goods, rice, marine products and ready-made garments of all textiles despite the geopolitical tensions which have disrupted shipping.
Electronic goods exports increased by 54.72 per cent from $2.24 billion in November 2023 to $3.47 billion in November 2024. Engineering goods exports increased by 13.75 per cent from $7.82 billion in November 2023 to $8.90 billion in November 2024.
Rice exports increased by 95.18 per cent from $0.59 billion in November 2023 to $1.14 billion in November 2024.
Marine product exports increased by 17.82 per cent from $0.64 billion in November 2023 to $0.76 billion in November 2024.
Ready-made garments of all textiles exports increased by 9.81 per cent from $1.02 billion in November 2023 to $1.12 billion in November 2024.
The official figures also show that total imports (merchandise and services combined) for November 2024 are estimated at $87.63 billion, registering a positive growth of 27.47 per cent vis-a-vis November 2023. Gold imports in November reached an all-time high of $14.8 billion.
Total imports during April-November 2024 are estimated at $619.20 billion registering a growth of 9.55 per cent.
The merchandise trade deficit has gone up to $37.84 billion in November from $27.14 billion due to the surge in gold imports.
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