India's Export Boom: Record-Breaking Growth in 2024

India's exports soared by over 19% in October, with merchandise and services exports significantly contributing to this growth. The first seven months of the fiscal year saw the highest non-petroleum exports in the country's history, with the government optimistic about surpassing USD 800 billion worth of exports in 2024-25.

India witnessed a remarkable surge in its export sector in October, with overall exports increasing by over 19%. According to data from the Ministry of Commerce and Industry, merchandise exports rose by over 17%, while services exports saw a growth of more than 21%. Commerce Secretary Sunil Barthwal expressed optimism regarding the trade data, highlighting it as the highest non-petroleum export performance from April to October in the nation's history.

During this period, India's total export revenue amounted to approximately USD 468.27 billion, marking a 7.28% year-on-year increase. Barthwal remains hopeful that, at the current growth rate, exports will exceed USD 800 billion for the fiscal year 2024-25, breaking previous records.

The government's strategic emphasis on key sectors, such as manufacturing, engineering, and textiles, has played a pivotal role in boosting exports. Engineering goods exports increased by over 39%, electronic goods by 45%, and chemical exports by 27%. Additionally, rice exports, previously restricted for food security, surged by more than 85%. Despite this growth, the trade deficit expanded from USD 60.02 billion to USD 63.24 billion in 2024-25, a factor of concern for the government.

(With inputs from agencies.)