India’s Trade Performance: June 2024 and April-June 2024 Overview

In June 2024, India’s total exports (merchandise and services combined) reached an estimated USD 65.47 billion, marking a 5.40% increase from June 2023. Meanwhile, total imports for the month were estimated at USD 73.47 billion, a 6.29% rise compared to the same period last year. For the April-June 2024 quarter, total exports were estimated at USD 200.33 billion, reflecting an 8.60% growth, while total imports stood at USD 222.89 billion, up 8.47% from the previous year. The merchandise trade deficit for the quarter increased to USD 62.26 billion from USD 56.16 billion in April-June 2023.

Merchandise Trade: June 2024

• Exports: USD 35.20 billion (June 2024) vs. USD 34.32 billion (June 2023)
• Imports: USD 56.18 billion (June 2024) vs. USD 53.51 billion (June 2023)
• Trade Balance: USD -20.98 billion (June 2024)

Merchandise Trade: April-June 2024

• Exports: USD 109.96 billion (April-June 2024) vs. USD 103.89 billion (April-June 2023)
• Imports: USD 172.23 billion (April-June 2024) vs. USD 160.05 billion (April-June 2023)
• Trade Balance: USD -62.26 billion (April-June 2024)

Services Trade: June 2024

• Exports: USD 30.27 billion (June 2024) vs. USD 27.79 billion (June 2023)
• Imports: USD 17.29 billion (June 2024) vs. USD 15.61 billion (June 2023)
• Trade Balance: USD 12.98 billion (June 2024)

Services Trade: April-June 2024

• Exports: USD 90.37 billion (April-June 2024) vs. USD 80.57 billion (April-June 2023)
• Imports: USD 50.67 billion (April-June 2024) vs. USD 45.45 billion (April-June 2023)
• Trade Balance: USD 39.70 billion (April-June 2024)

Non-Petroleum and Non-Gems & Jewellery Trade: June 2024

• Exports: USD 27.43 billion (June 2024) vs. USD 25.29 billion (June 2023)
• Imports: USD 36.04 billion (June 2024) vs. USD 33.66 billion (June 2023)

Non-Petroleum and Non-Gems & Jewellery Trade: April-June 2024

• Exports: USD 81.90 billion (April-June 2024) vs. USD 77.33 billion (April-June 2023)
• Imports: USD 105.35 billion (April-June 2024) vs. USD 102.10 billion (April-June 2023)

Export Growth Highlights: June 2024

• Significant growth in exports of Coffee (70.02%), Tobacco (37.71%), Iron Ore (24.66%), Electronic Goods (16.91%), among others.
• Top export destinations: USA (5.98%), UAE (13.81%), Malaysia (93.82%), Bangladesh (25.2%), and Tanzania (59.13%).

Import Decline Highlights: June 2024

• Notable declines in imports of Gold (-38.66%), Fertilizers (-36.44%), Sulphur (-30.55%), and others.

Key Export Destinations: April-June 2024

• Noteworthy growth in exports to the Netherlands (41.33%), USA (10.4%), UAE (17.62%), Malaysia (81.84%), and Singapore (26.55%).

Key Import Sources: April-June 2024

• Significant growth in imports from UAE (35.68%), Russia (19.72%), China (8.34%), Iraq (27.64%), and Indonesia (17.92%).