India's Exports Surpass $600 Billion: Decoding the December Surge

India's exports for April-December 2024 reached USD 602.64 billion, a 6.03% increase from the previous year. Merchandise and services sectors showed strong performance, with non-petroleum exports rising notably. Among major export growth drivers were electronic goods, engineering goods, and rice. The trade deficit widened slightly amid increased imports.

India's export landscape in 2024 has witnessed a promising uptrend, boasting a robust USD 602.64 billion in earnings between April and December, marking a 6.03% increase over the previous year, according to data from the Ministry of Commerce and Industry.

This growth trajectory stems from significant performances across both merchandise and services sectors. While merchandise exports experienced a moderate 1.6% increase to USD 321.71 billion, non-petroleum exports surged by 5.05% in December alone, highlighting a crucial aspect of the overall growth narrative.

In December, specific categories like electronic goods, engineering items, and rice exports exhibited remarkable progress, contributing significantly to the uplift. Notably, electronic goods exports soared by over 35%, underscoring a sector-wide expansion. Amid this backdrop, India's trade deficit expanded to USD 79.50 billion for the same period, mirroring a complex trade scenario despite the encouraging export numbers.

(With inputs from agencies.)