India’s Record-Breaking Merchandise Exports in October 2024
India has reached a new milestone by achieving its highest-ever merchandise exports of USD 39.2 billion in October 2024, according to the Directorate General of Commercial Intelligence and Statistics (DGCI&S). This achievement highlights India’s growing strength in global trade.
Key Sectors Driving Growth
Engineering goods, electronics, and chemicals have shown strong performance, thanks to policy reforms and enhanced competitiveness. The Production-Linked Incentive (PLI) schemes and trade agreements have played a crucial role in facilitating exports.
Non-Petroleum Exports Surge
Non-petroleum exports reached USD 211.3 billion between April and October 2024, up from USD 196.9 billion in the same period last year. This growth underscores India’s expanding influence in global trade markets.
Sectoral Highlights
| Sector | 2024 Exports (USD Billion) | 2023 Exports (USD Billion) |
|---|---|---|
| Engineering Goods | 67.5 | 61.5 |
| Electronics | 19.1 | 15.4 |
| Pharmaceuticals | 17.0 | – |
| Textiles | 7.0 | – |
| Plastics | 5.2 | – |
India-US Trade Relationship
India’s exports to the US grew to USD 87.3 billion by 2023, representing 2.8% of the US’s global imports. This growth, with a compound annual growth rate (CAGR) of 10.48% since 2001, highlights India’s increasing role in the American supply chain.
The steady increase in non-petroleum exports reflects the resilience of India’s industrial sector despite global economic uncertainties. Government initiatives like the PLI schemes have strengthened India’s export capacity across various industries.
Doubts Revealed
Merchandise Exports -: Merchandise exports are goods that a country sells to other countries. These can include things like clothes, electronics, and machinery.
USD 39.2 billion -: USD 39.2 billion means 39.2 billion US dollars. It’s a way to measure the value of goods sold in international trade.
Engineering Goods -: Engineering goods are products made using engineering skills, like machines, engines, and tools.
Production-Linked Incentive schemes -: Production-Linked Incentive schemes are government programs that give financial rewards to companies for producing more goods in India.
Non-petroleum exports -: Non-petroleum exports are goods sold to other countries that do not include oil or gas products.
Supply Chain -: A supply chain is a system of people, activities, and resources involved in moving a product from a supplier to a customer.