{"id":304548,"date":"2024-07-16T17:50:27","date_gmt":"2024-07-16T12:20:27","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=304548"},"modified":"2024-07-16T17:50:27","modified_gmt":"2024-07-16T12:20:27","slug":"status-of-indias-merchandise-and-services-export","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/status-of-indias-merchandise-and-services-export\/","title":{"rendered":"Status of India\u2019s Merchandise and Services Export\u00a0"},"content":{"rendered":"<p><strong>Source<\/strong>: The post on &#8220;<strong>Status of India\u2019s Merchandise and Services Export<\/strong>&#8221; has been created, based on the article \u201cImports continue to outpace growing exports; trade deficit widens by 9.4%\u201d published in \u201c<strong>The Hindu<\/strong>\u201d on 16th July 2024<\/p>\n<h2>Why in news?<\/h2>\n<p>The Commerce Ministry has reported that India&#8217;s merchandise exports has <span style=\"color: #ff0000;\">grown for the third consecutive month in June<\/span>. It has risen by <span style=\"color: #ff0000;\">2.55% to $35.2 billion<\/span>.<\/p>\n<h2>Status of India\u2019s Merchandise and Services Export<\/h2>\n<p><strong>1. June 2024 Trade Performance<\/strong><\/p>\n<p>i) Merchandise exports grew by 2.55% to $35.2 billion.<br \/>\nii) Imports increased by 5% to $56.2 billion.<br \/>\niii) The trade deficit widened by 9.4% compared to the previous year.<br \/>\niv) June 2024&#8217;s exports and imports were the second highest in 10 years, second only to the figures in June 2022.<br \/>\nv) Major growth drivers included engineering goods (10.3% increase), electronics goods (16.9% increase), drugs and pharmaceuticals (9.9% Increase), chemicals (3.3% increase), and coffee (70% increase).<br \/>\nvi) Petroleum exports decreased by 18.3% to $5.5 billion. and petroleum imports increased by 19.6% to $15.05 billion.<\/p>\n<p><strong>2. Record Highs in Exports<\/strong><\/p>\n<p>i) Total merchandise and services exports <span style=\"color: #ff0000;\">reached $200.3 billion in the first quarter of 2024-25<\/span>, surpassing the previous high of $197.1 billion in 2022-23.<\/p>\n<p>ii) Services exports are estimated at <span style=\"color: #ff0000;\">$30.3 billion<\/span>, an 8.9% increase from the previous year.<\/p>\n<p><strong>3. Future Prospects<\/strong><\/p>\n<p>i) If growth trends continue,<span style=\"color: #ff0000;\"> India could exceed $800 billion in total exports<\/span> this year.<br \/>\nii) The government is targeting six key sectors and 20 countries to boost exports.<\/p>\n<p><strong>4. Past Performance<\/strong><\/p>\n<p>Total exports in 2023-24 reached <span style=\"color: #ff0000;\">$778.2 billion<\/span>, a 0.42% increase from the previous year. To reach the $800 billion mark in 2024-25, exports need to grow by 2.8%.<\/p>\n<p><strong>UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: The post on &#8220;Status of India\u2019s Merchandise and Services Export&#8221; has been created, based on the article \u201cImports continue to outpace growing exports; trade deficit widens by 9.4%\u201d published in \u201cThe Hindu\u201d on 16th July 2024 Why in news? The Commerce Ministry has reported that India&#8217;s merchandise exports has grown for the third consecutive&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/status-of-indias-merchandise-and-services-export\/\">Continue reading <span class=\"screen-reader-text\">Status of India\u2019s Merchandise and Services Export\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,1],"tags":[11872,10498],"class_list":["post-304548","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-uncategorized","tag-9pm-daily-factly","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/304548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=304548"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/304548\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=304548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=304548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=304548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}