Exports of electronic goods have surged by 37%, while dairy and poultry product exports have increased by 56% in July 2024 compared to the same period last year.

New Delhi [India], August 16 : According to data from the Ministry of Commerce and Industry, India's electronic goods exports witnessed a notable growth of 37.31 percent in July on a year-on-year basis, rising to USD 2.8 billion from USD 2.04 billion in July 2023.

This surge reflects the growing global demand for Indian electronics. From April to July 2024, the total export value of electronic goods reached USD 11.24 billion.

Additionally, the data highlights that the most significant year-on-year increase in July 2024 was in the export of meat, dairy, and poultry products, which jumped by 56.18 percent. This indicates a strong performance in India's agricultural export sector as well.

India's overall exports, encompassing both merchandise and services, amounted to USD 62.42 billion in July, marking a 2.81 percent rise compared to the previous year, according to Commerce Ministry data released on Wednesday.

In the same month last year, the total exports were USD 60.71 billion. Merchandise exports slightly decreased from USD 34.49 billion to USD 33.98 billion, while services exports increased from USD 26.22 billion to USD 28.43 billion during the month. In June, India's combined exports of merchandise and services stood at USD 65.47 billion.

For the first four months of 2024-25 (April-July), India's total exports have reached approximately USD 260 billion. The government remains optimistic about achieving its full-year export target of USD 800 billion.

India's imports also saw a year-on-year increase in July, as well as in June. The combined imports of merchandise and services rose from USD 67.23 billion to USD 72.03 billion, representing an increase of about 7.13 percent in July.

Regarding the trade deficit, which is the difference between exports and imports, it widened from 6.5 percent to 9.61 percent in July. In the recently concluded financial year 2023-24, India recorded its highest-ever exports at USD 778 billion. In 2022-23, the country’s combined exports of goods and services totaled USD 776.3 billion. Specifically, services exports increased from USD 325.3 billion to USD 341.1 billion in 2023-24, while merchandise exports saw a slight decline from USD 451.1 billion to USD 437.1 billion.

Among the various initiatives the government undertook was the launch of the Production Linked Incentive (PLI) scheme across several sectors, including electronic goods, aimed at making Indian manufacturers globally competitive, attracting investments, boosting exports, integrating India into the global supply chain, and reducing import dependence. These efforts appear to have yielded positive results.

Overall, imports declined from USD 898.0 billion in 2022-23 to USD 853.8 billion. Both merchandise and services exports decreased during the financial year, leading to a significant improvement in the overall trade deficit, which dropped from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.