India's exports up by 4.86 pc, imports and trade deficit up much higher in Q1FY25
Oct 16, 2024
New Delhi [India], October 16 : India's exports, merchandise and services combined increased by 4.86 per cent year on year, standing at USD 393.22 for April-September 2024-25, as Commerce Ministry data showed on Wednesday.
However, despite growth in exports trade deficit increased to a much larger extent.
Trade deficit for April-September period went up by 24.11 per cent from USD 44.18 billion to USD 54.83 billion.
The overall import for the first half of FY25 stood at USD 448.05 billion up from USD 419.18 billion, an increase of 6.89 per cent.
Merchandise exports increased from USD 211.08 billion to USD 213.22 billion. While the services exports rose from USD 163.92 billion to USD 180 billion.
The export of engineering goods was the major constituent in the export with the overall share of USD 56.24 billion. The export of Petroleum products constituted USD 36.56 billion, electronic goods which saw an uptick in the export which stood at USD 15.64 billion.
The drugs and pharmaceuticals export was of USD 14.43 billion, organic and inorganic chemicals at USD 14.11 billion, the data shows.
Sunil Barthwal, Commerce Secretary said, "This is showing a consistent growth in terms of exports and similarly, the government's trust, which is coming on the ayush and apple products, because this is another area which is very difficult to penetrate in the world, global markets. but difficult area like ayush and apple products are consistently doing well. So, this is the success story which is coming out of disseminated emphasis."
The top 10 destinations for India's imports of USD 56.29 billion worth of goods and services include China, Russia, UAE and USA.
Interestingly, the merchandise growth of India is much bigger than the rest of the world average. India's merchandise growth remained at 5.3 per cent, as compared to world at 0.1 per cent.
The trade dats shows the country imported USD 10.06 billion of gold, compared to the USD 4.94 billion in the same month last year, which was highest from January till September.
In value terms, the gold import increased by 103.7 per cent in August and by 25.2 per cent in April-August 2024-25. In volume terms, gold imports increased by 62.24 per cent in August 2024 and declined by 2.18 per cent in April-August 2024-25.
Reacting to the gold import Commerce Secretary said, "It should not matter, because it is seasonal. The demand is also seasonal depends upon, you know, the festivals, and particularly Indian tradition of purchasing boards during particular seasons and particular festivals."
