India's merchandise exports registered a growth of 3.12% in January 2024 to reach $36.92 billion compared to $35.80 billion in the same month last year, despite disruptions caused by the ongoing Red Sea crisis, global economic recession and falling Raw material prices. However, exports fell from $38.45 billion in December 2023. At the same time, goods imports totaled $54.41 billion in January 2024, up from $52.83 billion in January 2023, although they decreased from $58.25 billion in December 2023.

The trade deficit was $17.49 billion in January 2024, a decrease from $19.8 billion in December 2023, but a slight increase from $17.03 billion in the same period last year in January 2023.

India's total exports of goods and services for April-January 2023-24 are estimated at US$ 638.37 billion, down (-)0.19% compared to the same period in 2022-23. Likewise, imports during April-January 2023-24 are estimated at US$ 708.79 billion, down by (-) 5.69% compared to April-January 2022-23.

The growth in goods exports in January 2024 was mainly driven by petroleum products, engineering goods, iron ore, electronic goods, and medicines and pharmaceuticals. Significant increases were recorded in various categories, contributing to the positive dynamics of the country's trade performance.

In January 2024, exports of petroleum products reached $8.21 billion, an increase of 6.57% from $7.70 billion in January 2023. The engineering goods sector recorded an increase in exports of 4.20% to $8.77 billion, up from $8.41 billion in January 2023. Exports of electronic goods increased by 9.31% to a total of 2.30 in January 2024 billion, compared to $2.11 billion in the same month last year. Meanwhile, exports of medicines and pharmaceutical products stood at $2.13 billion, up 6.84% from $2.00 billion in January 2023.

In January 2024, there was sustained growth in various agricultural products, with significant increases in tobacco (47.32%), meat, dairy and poultry products (26.12%), spices (20.50%), cereal preparations and various processed products (18.69%). ), oil flours (14.66%), oilseeds (11.34%) and fruits and vegetables (10.61%).

The total trade deficit fell by 37.11% from $111.99 billion in April-January 2022-23 to $70.43 billion in April-January 2023-24. Furthermore, the goods trade deficit also improved by 9.66%, decreasing from $229.37 billion in April-January 2022-23 to $207.20 billion in the corresponding period of 2023-24.

In trade, exports (excluding petroleum and excluding gems and jewelry) amounted to $26.12 billion in January 2024, exceeding the previous year's figure of $25.48 billion. Imports of non-petroleum, non-precious stones and jewelry (including the lure of gold, silver and precious metals) stood at $33.72 billion in January 2024 compared to $34.51 billion in January 2023.