India's exports has come of age in FY 24

February 2024 saw the highest monthly merchandise exports of the current fiscal year to yet. India exported USD 41.40 billion worth of goods in February 2024, up 11.86% from USD 37.01 billion in the same month the previous year.

Petroleum products, engineering goods, electronics, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products are the main drivers of merchandise export growth in February 2024.
Exports of engineering goods reached USD 9.94 billion in February 2024, up 15.9% from USD 8.58 billion in the same month the previous year.

Organic and inorganic chemical exports rise by 33.04% from USD 2.22 billion in February 2023 to USD 2.95 billion in February 2024. Exports of electronic goods grow by 54.81% to USD 3.00 billion in February 2024 from USD 1.94 billion in February 2023.
In February 2024, the value of drugs and pharmaceutical products exported was USD 2.51 bn

an increase of 22.24% overUSD 2.06 Billion in February 2023

Petroleum Products exports in February 2024 grew by 5.08% at USD 8.24 Billion from USD 7.84 Billion in February 2023

Exports of Agricultural products including Tobacco (58.24%),Meat, Dairy & Poultry Products (37.83%), Oilseeds (37.71%),Cereal Preparations & Miscellaneous Processed Items(17.69%), Spices (14.84%), Fruits & Vegetables (12.72%)

and Rice (1.81%) showed growth momentum in February 2024

Overall trade deficit improved by 37.80% from USD 116.13Billion in April-February 2022-23 to USD 72.24 Billion in April-February 2023-24

Last but not the least, the merchandise trade deficit improved by 8.43% from USD 245.94 Billion in April-February 2022-23 to USD 225.20 Billion in April-February 2023-24.

Courtesy:PIB press release dt 15th April 2024

This trend shows that India has come of age in Exports and has sustained this growth trend despite global head winds like recession in some of the economies, war in Ukraine and in Middle east. Hopefully this momentum will continue to grow in FY 25 and thereafter also.

Oil price movements can be the big party spoiler and so needs to be monitored closely!

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