The cumulative value of merchandise exports during April-July 2024 was USD 144.12 Billion as compared to USD 138.39 Billion during April-July 2023, registering a positive growth of 4.15%.

Non-petroleum & Non-Gems & Jewellery exports registered an increase of5.69% from USD 25.47 Billion in July 2023 to USD 26.92 Billion in July 2024.

Major drivers of merchandise exports growth in July 2024 include Electronic Goods, Engineering Goods, Drugs & Pharmaceuticals, Meat, dairy & poultry products and RMG of all Textiles.

Electronic goods exports increased by 37.31% from USD 2.04 Billion in July 2023 to USD 2.81 Billion in July 2024.

Engineering Goods exports increased by 3.66% from USD 8.72 Billion in July 2023 to USD 9.04 Billion in July 2024.

Drugs and pharmaceuticals exports increased by 8.36% from USD 2.13 Billion in July 2023 to USD 2.31 Billion in July 2024.

Meat, dairy & poultry products exports increased by 56.18% from USD 0.29 Billion in July 2023 to USD 0.46 Billion in July 2024.

RMG of all Textiles exports increased by 11.84% from USD 1.14 Billion in July 2023 to USD 1.28 Billion in July 2024.

India’s total exports (Merchandise and Services combined) for July 2024* is estimated at USD 62.42 Billion, registering a positive growth of 2.81 percent vis-à-vis July 2023.Total imports (Merchandise and Services combined) for July 2024* is estimated at USD 72.03 Billion, registering a positive growth of 7.14 percent vis-à-vis July 2023.

Table 1: Trade during July 2024*

		July 2024 (USD Billion)	July 2023 (USD Billion)
Merchandise	Exports	33.98	34.49
	Imports	57.48	53.49
Services*	Exports	28.43	26.22
	Imports	14.55	13.74
Total Trade (Merchandise +Services) *	Exports	62.42	60.71
	Imports	72.03	67.23
	Trade Balance	-9.61	-6.52

* Note: The latest data for services sector released by RBI is for June2024. The data for July 2024 is an estimation, which will be revised based on RBI’s subsequent release.

Fig 1: Total Trade during July2024*

India’s total exports during April-July2024* is estimated at USD 261.47 Billion registering a positive growth of 6.65 percent. Total imports during April-July 2024* is estimated at USD 292.64 Billion registering a growth of 7.30 percent.

Table 2: Trade during April-July 2024*

		April-July 2024 (USD Billion)	April-July 2023 (USD Billion)
Merchandise	Exports	144.12	138.39
	Imports	229.70	213.53
Services*	Exports	117.35	106.79
	Imports	62.95	59.19
Total Trade (Merchandise +Services) *	Exports	261.47	245.18
	Imports	292.64	272.72
	Trade Balance	-31.17	-27.55

Fig 2: Total Trade during April-July 2024*          

MERCHANDISE TRADE

• Merchandise exports during July 2024 were USD 33.98 Billion as compared to USD 34.49 Billion in July 2023.
• Merchandise imports during July 2024 were USD 57.48 Billion as compared to USD 53.49 Billion in July 2023.

Fig 3: Merchandise Trade during July 2024

• Merchandise exports during April-July 2024 were USD 144.12 Billion as compared to USD 138.39Billion during April-July 2023.
• Merchandise imports during April-July 2024 were USD 229.70 Billion compared to USD 213.53 Billion during April-July 2023.
• Merchandise trade deficit during April-July 2024 was USD 85.58 Billion compared to USD 75.15 Billion during April-July 2023.

Fig4: Merchandise Trade during April-July 2024

• Non-petroleum and non-gems & jewellery exports in July 2024 were USD 26.92Billion compared to USD 25.47Billion in July 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in July 2024 were USD 38.98Billion compared to USD 36.16Billion in July 2023.

Table 3: Trade excluding Petroleum and Gems & Jewellery during July 2024

	July 2024 (USD Billion)	July 2023 (USD Billion)
Non- petroleum exports	28.75	27.77
Non- petroleum imports	43.61	41.67
Non-petroleum & Non-Gems & Jewellery exports	26.92	25.47
Non-petroleum & Non-Gems & Jewellery imports	38.98	36.16

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

Fig 5: Trade excluding Petroleum and Gems & Jewellery during July 2024

• Non-petroleum and non-gems & jewellery exports in April-July 2024 were USD 109.09 Billion, compared to USD 102.81 Billion in April-July 2023.
• Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in April-July 2024 were USD 144.32 Billion, compared to USD 138.25 Billion in April-July 2023.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-July 2024

	April-July 2024 (USD Billion)	April-July 2023 (USD Billion)
Non- petroleum exports	118.19	112.64
Non- petroleum imports	164.33	159.87
Non-petroleum &Non Gems& Jewellery exports	109.09	102.81
Non-petroleum & Non Gems & Jewellery imports	144.32	138.25

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

Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-July 2024

SERVICES TRADE

• The estimated value of services export for July 2024* is USD 28.43 Billion as compared to USD 26.22Billion in July 2023.
• The estimated value of services imports for July 2024* is USD 14.55 Billion as compared to USD 13.74Billion in July 2023.

Fig 7: Services Trade during July2024*

• The estimated value of service exports during April-July 2024* is USD 117.35 Billion as compared to USD 106.79 Billion in April-July 2023.
• The estimated value of service imports during April-July 2024* is USD 62.95 Billion as compared to USD 59.19 Billion in April-July 2023.
• The services trade surplus for April-July 2024* is USD 54.40 Billion as compared to USD 47.60 Billion in April-July 2023.

Fig 8: Services Trade during April-July 2024*

• Exports of Meat, Dairy & Poultry Products (56.18%), Tobacco (39.9%), Electronic Goods (37.31%), Oil Meals (22.01%), Tea (21.79%), Handicrafts Excl. Hand Made Carpet (13.23%), Spices (13%), Rmg Of All Textiles (11.84%), Carpet (10.53%), Plastic & Linoleum (8.84%), Drugs & Pharmaceuticals (8.36%), Iron Ore (7.73%), Cereal Preparations & Miscellaneous Processed Items (5.06%), Man-Made Yarn/Fabs./Made-Ups Etc. (3.91%), Engineering Goods (3.66%), Leather & Leather Products (2.29%), Fruits & Vegetables (2.19%) and Mica, Coal & Other Ores, Minerals Including Processed Minerals (1.49%) record positive growth during July 2024 over the corresponding month of last year.
• Imports of Project Goods (-73.06%), Pearls, Precious & Semi-Precious Stones (-32.85%), Fertilisers, Crude & Manufactured (-31%), Dyeing/Tanning/Colouring Materials (-29.03%), Chemical Material & Products (-26.9%), Gold (-10.65%), Transport Equipment (-9.65%), Pulp And Waste Paper (-7.57%), Cotton Raw & Waste (-2.74%), Wood & Wood Products (-0.71%) and Textile Yarn Fabric, Made-Up Articles (-0.23%) record negative growth during July 2024 over the corresponding month of last year.
• Services exports is estimated to grow by 9.89percent during April-July 2024* over April-July 2023.
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in July 2024 vis a vis July 2023 are Netherland (29.18%), U S A (3.15%), Tanzania Rep (53.14%), Singapore (14.28%) and Mexico (25.91%).
• Top 5 export destinations, in terms of change in value, exhibiting positive growth in April-July 2024 vis a vis April-July 2023 are Netherland (38.32%), U S A (9.06%), U Arab Emts (13.48%), Malaysia (51.86%) and Singapore (24.4%).
• Top 5 import sources, in terms of change in value, exhibiting growth in July 2024 vis a vis July 2023 are U Arab Emts (84.87%), China P Rp (13.05%), Russia (22.56%), Qatar (34.61%) and Indonesia (15.05%).
• Top 5 import sources, in terms of change in value, exhibiting growth in April-July 2024 vis a vis April-July2023 are U Arab Emts (47.07%), Russia (20.33%), China P Rp (9.66%), Iraq (19.4%) and Indonesia (17.19%).

*Link for Quick Estimates

Trade growth: Exports estimated to rise while imports increase faster, widening India's trade deficit in mid 2024. Estimates for July 2024 and April-July 2024 show combined exports growing while imports rose faster, widening the trade deficit. July combined exports are estimated to have grown 2.81% and imports 7.14%; April-July exports are estimated up 6.65% and imports up 7.30%. Non petroleum and non gems & jewellery exports grew, with key drivers including electronic goods, engineering goods, drugs & pharmaceuticals, meat/dairy/poultry and textiles. Services exports strengthened, producing a larger services surplus for April-July 2024. Services data for July are provisional pending RBI revision.