Exports of electronic goods rose 37 per cent in July 24; exports of dairy and poultry products rose 56 per cent (y-o-y)

This growth underlines the growing global demand for Indian electronics. For the period April to July 2024, the total export value of electronic goods reached US$11.24 billion.

Further, the data shows that exports of meat, dairy and poultry products recorded the highest year-on-year growth in July 2024, rising by 56.18 per cent. This also reflects the strong performance of India's agricultural export sector.

India's total exports, including goods and services, stood at US$ 62.42 billion in July, up 2.81 per cent on an annual basis, according to data released by the Commerce Ministry on Wednesday.

It was US$ 60.71 billion in the same month last year. Merchandise exports during the month declined from US$ 34.49 billion to US$ 33.98 billion and services exports rose from US$ 26.22 billion to US$ 28.43 billion. India's total exports, merchandise and services combined, stood at US$ 65.47 billion in June.

India's total exports during the first four months (April-July) of 2024-25 are now around USD 260 billion. The government has expressed optimism about reaching its full-year target of USD 800 billion.

According to the data released today, the country's imports in July also increased on a year-on-year basis. The same situation was seen in June as well. Total imports in July, which includes both goods and services, increased from US$ 67.23 billion to US$ 72.03 billion, an increase of about 7.13 percent.

Talking about the trade deficit, it widened from 6.5 per cent to 9.61 per cent in July. India recorded record exports of USD 778 billion in the recently concluded financial year 2023-24. The country exported goods and services worth a combined USD 776.3 billion in 2022-23. Overall, service exports increased from USD 325.3 billion to USD 341.1 billion in 2023-24. However, merchandise exports declined marginally from USD 451.1 billion to USD 437.1 billion.

Various steps taken by the government, including the introduction of the production-linked incentive (PLI) scheme in various sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, boost exports, integrate India into global supply chains and reduce dependence on imports, appear to have paid off.

Total imports declined from US$ 898.0 billion to US$ 853.8 billion in 2022-23. Both merchandise and service exports declined during the financial year. The total trade deficit widened from US$ 121.6 billion in 2022-23 to US$ 75.6 billion in 2023-24.