New Delhi, Dec 16: 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.
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.
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.
IANS