ADVERTISEMENT
India's merchandise exports in January 2024 experienced a growth of 3.12%, reaching $36.92 billion, compared to $35.80 billion in the same month last year, despite disruptions caused by the ongoing Red Sea crisis, global economic recession, and declining commodity prices. The exports, however, decreased from $38.45 billion in December 2023. Concurrently, merchandise imports in January 2024 totalled $54.41 billion, up from $52.83 billion in January 2023, though they declined from $58.25 billion in December 2023.
The trade deficit was recorded at $17.49 billion in January 2024, down from $19.8 billion in December 2023, but marginally up from $17.03 billion during the year-ago period in January 2023.
India's overall exports of merchandise and services for the period of April-January 2023-24 are estimated at $638.37 billion, down (-)0.19% compared to the same period in 2022-23. Similarly, imports from April-January 2023-24 are estimated at $708.79 billion, down (-)5.69% compared to April-January 2022-23.
October 2025
As Indiaās growth story gains momentum and the number of billionaires rises, the countryās luxury market is seeing a boom like never before, with the taste for luxury moving beyond the metros. From high-end watches and jewellery to lavish residences and luxurious holidays, Indians are splurging like never before. Storied luxury brands are rushing in to satiate this demand, often roping in Indian celebs as ambassadors.
The merchandise export growth in January 2024 was primarily fuelled by petroleum products, engineering goods, iron ore, electronic goods, and drugs & pharmaceuticals. Notable increases were recorded across various categories, contributing to the positive momentum in the country's trade performance.
In January 2024, exports of petroleum products reached $8.21 billion, marking a 6.57% increase from $7.70 billion in January 2023. The engineering goods sector saw a 4.20% rise in exports at $8.77 billion, up from $8.41 billion in January 2023. Electronic goods exports surged by 9.31%, totalling $2.30 billion in January 2024, compared to $2.11 billion in the same month the previous year. Meanwhile, the exports of drugs and pharmaceutical products were at $2.13 billion, a 6.84% increase from $2.00 billion in January 2023.
Throughout January 2024, there was a sustained growth in various agricultural products, with significant increases in 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%).
The overall trade deficit dipped 37.11% from $111.99 billion in April-January 2022-23 to $70.43 billion in April-January 2023-24. Moreover, the merchandise trade deficit also improved by 9.66%, decreasing from $229.37 billion in April-January 2022-23 to $207.20 billion in the corresponding period of 2023-24.
In the realm of trade, the non-petroleum and non-gems & jewellery exports for January 2024 stood at $26.12 billion, outshining the previous January's figure of $25.48 billion. The non-petroleum, non-gems & jewellery (including the allure of gold, silver & precious metals) imports in January 2024 were at $33.72 billion, as compared to $34.51 billion in January 2023.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.