India’s Electronic Exports Soar by 37% in July 2024
New Delhi, August 16: India’s electronic goods exports saw a remarkable increase of 37.31% in July 2024, reaching USD 2.8 billion compared to USD 2.04 billion in July 2023, according to the Ministry of Commerce and Industry. This growth highlights the rising global demand for Indian electronics.
From April to July 2024, the total export value of electronic goods was USD 11.24 billion. Additionally, the export of meat, dairy, and poultry products surged by 56.18% in July 2024, showcasing strong performance in India’s agricultural sector.
India’s overall exports, including merchandise and services, amounted to USD 62.42 billion in July 2024, a 2.81% increase from USD 60.71 billion in July 2023. Merchandise exports slightly declined from USD 34.49 billion to USD 33.98 billion, while services exports rose from USD 26.22 billion to USD 28.43 billion.
For the first four months of 2024-25 (April-July), India’s total exports reached around USD 260 billion. The government is optimistic about achieving its full-year target of USD 800 billion.
India’s imports also increased year-on-year in July 2024, with overall imports rising from USD 67.23 billion to USD 72.03 billion, a 7.13% increase. The trade deficit widened from 6.5% to 9.61% in July 2024.
In the financial year 2023-24, India recorded exports of USD 778 billion, up from USD 776.3 billion in 2022-23. Services exports increased from USD 325.3 billion to USD 341.1 billion, while merchandise exports slightly declined from USD 451.1 billion to USD 437.1 billion.
The government launched a Production Linked Incentive (PLI) scheme in various sectors, including electronic goods, to boost global competitiveness, attract investments, enhance exports, and reduce import dependency. This initiative has shown positive results.
Overall imports decreased from USD 898.0 billion in 2022-23 to USD 853.8 billion in 2023-24, and the trade deficit improved significantly from USD 121.6 billion to USD 75.6 billion.
Doubts Revealed
Electronic Exports -: Electronic exports are goods like mobile phones, computers, and other electronic devices that India sells to other countries.
USD -: USD stands for United States Dollar, which is the currency used in the United States and often used in international trade.
Trade Deficit -: A trade deficit happens when a country buys more goods from other countries than it sells to them.
Production Linked Incentive scheme -: The Production Linked Incentive (PLI) scheme is a government program in India that gives money to companies to help them make more products and sell them.