In June 2024, India’s merchandise exports saw a positive growth, reaching USD 35.20 billion compared to USD 34.32 billion in June 2023, according to government data. During the same period, the merchandise trade deficit for April-June 2024 widened to USD 62.26 billion from USD 56.16 billion in April-June 2023. Merchandise exports for April-June 2024 amounted to USD 109.96 billion, up from USD 103.89 billion in April-June 2023, while imports rose to USD 172.23 billion from USD 160.05 billion.
For the broader category of total exports (merchandise and services combined), June 2024 recorded USD 65.47 billion, marking a 5.40% growth over June 2023. Total imports for June 2024 stood at USD 73.47 billion, reflecting a 6.29% increase year-on-year. From April to June 2024, total exports were estimated at USD 200.33 billion, showing an 8.60% growth, while total imports reached USD 222.89 billion, up by 8.47%.
Non-petroleum and non-gems & jewellery exports in June 2024 amounted to USD 27.43 billion, compared to USD 25.29 billion in June 2023. Imports for the same category totaled USD 36.04 billion, up from USD 33.66 billion in June 2023.
In services trade, India’s exports in June 2024 were valued at USD 30.27 billion, rising from USD 27.79 billion in June 2023, while imports increased to USD 17.29 billion from USD 15.61 billion.
The Ministry of Commerce & Industry reported that among the top 5 export destinations showing positive growth in June 2024 compared to June 2023 were USA (5.98%), UAE (13.81%), Malaysia (93.82%), Bangladesh (25.2%), and Tanzania (59.13%).
