NEW DELHI: India has achieved a significant milestone by recording its highest-ever merchandise exports of $39.2 billion for October month in the last decade, highlighting the country’s growing strength in global trade, as per the official data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S).
The data showcases that the critical areas such as engineering goods, electronics, and chemicals have shown strong performance. The policy reforms and enhanced competitiveness in these sectors have significantly contributed to the export figures.
The record-breaking export figures for October indicate India’s expanding footprint in international markets and the success of government initiatives, such as the Production-Linked Incentive (PLI) schemes and various trade agreements aimed at facilitating exports, noted by a document.
Non-petroleum exports played a pivotal role, reaching $211.3 billion between April and October 2024, up from $196.9 billion during the same period last year, as per the data of DGCI&S. Favorable government initiatives, such as the Production-Linked Incentive (PLI) schemes, enhanced logistics infrastructure, and digitized trade processes, have further propelled this export surge, it noted.
India’s non-petroleum exports have witnessed a notable surge from April to October 2024, reaching $211.3 billion, a significant increase from $196.9 billion during the same period in 2023 and $206.2 billion in 2022. This impressive growth highlights India’s expanding influence in global trade markets, with non-petroleum sectors such as engineering goods, electronics, drugs and pharmaceuticals, chemicals, and textiles leading the export charge.
On sectoral from, the exports of engineering goods climbed to $67.5 billion from $61.5 billion in 2023, strengthening the sector’s position as a cornerstone of India’s trade portfolio. Electronic exports surged to $19.1 billion, up from $15.4 billion in 2023, driven by increased global demand for Indian-made electronic products.
The pharmaceuticals sector recorded a strong performance with exports of $17.0 billion, further solidifying India’s role as a global health supplier, as per the data. In textiles and plastics sector, the cotton yarn, fabrics, and handloom products reached $7.0 billion, while plastics and linoleum exports grew to $5.2 billion. Agricultural and processed food products also performed exceptionally, with spices, fruits, vegetables, and cereals achieving their highest exports in recent years.
The rise underscores the success of recent policy measures, including incentives and streamlined trade processes, designed to encourage export-driven growth while enhancing India’s competitiveness on the global stage.
India’s trade relationship with the United States continues to flourish. By 2023, India’s exports to the US had grown to USD 87.3 billion, representing 2.8 per cent of the US’s global imports. This growth, with a compound annual growth rate (CAGR) of 10.48 per cent since 2001, highlights India’s increasing role in the American supply chain.
The steady year-on-year increase in non-petroleum exports from 2022 to 2024 reflects the resilience of India’s industrial sector despite global economic uncertainties.
This momentum aligns with government initiatives like the Production-Linked Incentive (PLI) schemes, which have played a crucial role in strengthening India’s export capacity across various industries. The boost in non-petroleum exports reaffirms India’s commitment to diversifying its trade portfolio and enhancing its export quality and volume, setting a strong foundation for continued growth and global market expansion.
Since 2001, the United States has shown a steady and growing demand for goods from India, with imports rising significantly over the years.
In 2001, the USA’s imports from India stood at $9.7 billion, representing just 0.9 per cent of its total global imports. However, by 2023, this figure had reached $87.3 billion, making up 2.8 per cent of the USA’s imports from the world. This trend underscores India’s increasing importance in the US supply chain and the strengthening economic ties between the two nations.
One of the remarkable aspects of this growth is the compound annual growth rate (CAGR) of the USA’s imports from India, which stood at 10.48 per cent from 2001 to 2023. This rate significantly outpaced the USA’s overall import growth rate from the world, which grew at a CAGR of only 4.76 per cent during the same period.
The robust growth in imports from India highlights the increasing competitiveness and diversification of Indian exports in the American market. (ANI)