Merchandise exports grow by 1.08% at USD 34.99 Billion in April 2024 as compared to USD 34.62 Billion in April 2023

Non-petroleum & Non-Gems & Jewellery exports register an increase of 1.32% from USD 25.77 Billion in April 2023 to USD 26.11 Billion in April 2024

Main drivers of merchandise exports growth during April 2024 include Electronic Goods, Organic & Inorganic Chemicals, Petroleum Products and Drugs & Pharmaceuticals

Electronic goods exports increase by 25.8% from USD 2.11 Billion in April 2023 to USD 2.65 Billion in April 2024

Exports of Organic and Inorganic Chemicals increase by 16.75% from USD 2.14 Billion in April 2023 to USD 2.50 Billion in April 2024

Drugs and pharmaceuticals exports increase by 7.36% from USD 2.26 Billion in April 2023 to USD 2.43 Billion in April 2024

Petroleum products exports up by 3.10% from USD 6.42 Billion in April 2023 to USD 6.62 Billion in April 2024

• India’s total exports (Merchandise and Services combined) in April 2024* is estimated to be USD 64.56 Billion, exhibiting a positive growth of 6.88 per cent over April 2023. Total imports (Merchandise and Services combined) in April 2024* is estimated to be USD 71.07 Billion, exhibiting a positive growth of 12.78 per cent over April 2023.

Table 1: Trade during April 2024*

		April 2024 (USD Billion)	April 2023 (USD Billion)
Merchandise	Exports	34.99	34.62
	Imports	54.09	49.06
Services*	Exports	29.57	25.78
	Imports	16.97	13.96
Total Trade (Merchandise +Services) *	Exports	64.56	60.40
	Imports	71.07	63.02
	Trade Balance	-6.51	-2.62

* Note: The latest data for services sector released by RBI is for March 2024. The data for April 2024 is an estimation, which will be revised based on RBI’s subsequent release.

Fig 1: Total Trade during April 2024*

MERCHANDISE TRADE

• Merchandise exports in April 2024 were USD 34.99 Billion, as compared to USD 34.62 Billion in April 2023.
• Merchandise imports in April 2024 were USD 54.09 Billion, as compared to USD 49.06 Billion in April 2023.

Fig 2: Merchandise Trade during April 2024

• Non-petroleum and non-gems & jewellery exports in April 2024 were USD 26.11 Billion, compared to USD 25.77 Billion in April 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April 2024 were USD 32.72 Billion, compared to USD 32.13 Billion in April 2023.

Table 2: Trade excluding Petroleum and Gems & Jewellery during April 2024

	April 2024 (USD Billion)	April 2023 (USD Billion)
Non- petroleum exports	28.37	28.20
Non- petroleum imports	37.63	35.36
Non-petroleum & Non Gems & Jewellery exports	26.11	25.77
Non-petroleum & Non Gems & Jewellery imports	32.72	32.13

Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 3: Trade excluding Petroleum and Gems & Jewellery during April 2024

SERVICES TRADE

• The estimated value of services export for April 2024* is USD 29.57 Billion, as compared to USD 25.78 Billion in April 2023.
• The estimated value of services import for April 2024* is USD 16.97 Billion as compared to USD 13.96 Billion in April 2023.

Fig 4: Services Trade during April 2024*

• In merchandise exports, 13 of the 30 key sectors exhibited positive growth in April 2024 as compared to same period last year (April 2023). These include Electronic Goods (25.8%), Tea (25.74%), Organic & Inorganic Chemicals (16.75%), Coffee (15.87%), Tobacco (13.22%), Spices (12.27%), Drugs & Pharmaceuticals (7.36%), Cotton Yarn/Fabs./Made-Ups, Handloom Products etc. (6.65%), Carpet (5.64%), Cereal Preparations & Miscellaneous Processed Items (5.33%), Petroleum Products (3.1%), Plastic & Linoleum (2.99%) and Handicrafts Excl. Hand Made Carpet (2.36%).
• In merchandise imports, 14 out of 30 key sectors exhibited negative growth in April 2024. These include Sulphur & Unroasted Iron Pyrites (-71.75%), Pearls, Precious & Semi-Precious Stones (-21.12%), Cotton Raw & Waste (-16.31%), Wood &  Wood Products (-14.11%), Coal, Coke & Briquettes, etc. (-11.71%), Artificial Resins, Plastic Materials, etc. (-10.26%), Fertilisers, Crude & Manufactured (-8.3%), Iron & Steel (-8.28%), Chemical Material & Products (-7.69%), Organic & Inorganic Chemicals (-5.19%), Machinery, Electrical & Non-Electrical (-3.54%), Dyeing/Tanning/Colouring Materials (-2.63%), Pulp and Waste Paper (-2.2%) and Transport Equipment (-0.22%).
• Services exports is projected to grow by 14.68 percent during April 2024 over April 2023.

*Link for Quick Estimates

Export Growth signals stronger merchandise and services performance in April, widening the trade deficit as imports rose. Combined merchandise and services exports for April 2024 are estimated at USD 64.56 billion (6.88% growth year-on-year) while combined imports are estimated at USD 71.07 billion (12.78% growth), producing a larger trade deficit. Merchandise exports were USD 34.99 billion and merchandise imports USD 54.09 billion. Services exports are estimated at USD 29.57 billion and services imports at USD 16.97 billion; the services figures for April 2024 are provisional and subject to revision based on the RBI's subsequent release. Sectoral drivers include Electronic Goods, Chemicals and Pharmaceuticals, while multiple import sectors registered declines.