India's total exports projected to grow 5.4 per cent in June 2024

India’s total exports are projected to grow by 5.40 per cent in June 2024, with cumulative exports from April to June increasing by 8.60 per cent. The Ministry of Commerce and Industry said in a release on Monday, July 12, that merchandise exports reached USD 35.20 billion in June 2024, compared to USD 34.32 billion in June 2023, marking a growth of 2.55 per cent.

The growth was driven by significant increases in engineering goods, electronic goods, drugs and pharmaceuticals, and coffee exports.

During the first quarter of the fiscal year, cumulative merchandise exports amounted to USD 109.96 billion, up from USD 103.89 billion in the same period last year, indicating a growth rate of 5.84 per cent.

India's total goods exported are expected to rise 2.56 per cent to $35.20 billion in June 2024, from $34.32 billion in June 2023. The total goods imported are expected to rise 4.98 per cent to $56.18 billion in June 2024, from $53.51 billion in June 2023.

The Ministry of Commerce and Industry projects that total services exports will increase by 1.72 per cent to $30.27 billion in June 2024, up from $27.79 billion in June 2023. Additionally, services imports are expected to rise by 10.76 per cent to $17.29 billion in June 2024, compared to $15.61 billion in June 2023, according to the release.

According to June 2024 data provided by the Ministry of Commerce and Industry, coffee, tobacco, iron ore, and electronic goods were the few commodities India estimated would significantly increase its exports.

Pulses, dyeing materials, machine tools, project goods, and silver are estimated to notice a significant increase in imports.

Major Export Destinations

According to government data, India is increasing its exports to countries like the United Kingdom, Bangladesh, Malaysia, and Mexico. In addition to exports, India is also increasing its imports from the United Arab Emirates (UAE), Indonesia, Thailand, Taiwan, and Vietnam.

The top five export destinations in June 2024 showed notable growth, including: USA, 5.98 per cent; UAE, 13.81 per cent; Malaysia, 93.82 per cent; Bangladesh, 25.20 per cent; Tanzania, 59.13 per cent.