With 21 of the top 30 sectors recording growth in value terms, India’s merchandise exports continued their upward trajectory from April to October, driven by an increase in demand for Indian goods worldwide.
The total improvements were aided by development in important industries like engineering goods, electronics, and pharmaceuticals, while historically robust industries like petroleum and gems and jewelry saw a steep decrease amid slow economic growth in developed nations.
According to current patterns, India may export $435 billion worth of goods in FY2025. In order to overcome new hurdles and maintain growth, it continued, “current trade data highlights a mixed export performance, calling for focused attention on key sectors and markets.”
From April to October, the United States, the United Arab Emirates, the Netherlands, the United Kingdom, Singapore, China, Saudi Arabia, Bangladesh, Germany, and Australia were the top ten countries to which India exported goods.
In 2024, geopolitical tensions and economic upheavals disproportionately affected India’s trade dynamics, as global events increased costs and resonated across supply chains.
While the protracted conflict between Russia and Ukraine kept crude oil prices high, reducing margins for importers, Houthi attacks on ships in the Red Sea increased freight charges and interrupted vital trading routes.
