Business News / Another proof of India's progress, the country's exports have increased so much

Zoom News : May 16, 2024, 08:07 AM
Business News: India has already become the fifth largest economy in the world. And soon it is moving towards becoming the third largest economy in the world. In such a situation, while India is the fastest growing economy in the world, now another proof of this has emerged in the form of export data. The country's total exports have increased by 6.88 percent in April. The first sign of any strong economy is the strength of its exports and reduction in trade deficit (the difference between imports and exports). Therefore, India is continuously trying to strengthen its exports, and its effect is also visible.

India set a flag in exports in April

If we look at the latest data of the Commerce Ministry, the beginning of the financial year 2024-25 has been excellent in terms of exports. The country's total exports (goods and services) have increased by 6.88 percent in April 2024. A total of 64.56 billion dollars were exported from the country in April this year, whereas in April last year this figure was only 60.40 billion dollars.

If we look at the export of goods only, it has increased by 1.08 percent to 34.99 billion dollars in April this year. In the same month last year it was 34.62 billion dollars. Similarly, the export of services in April is estimated to be $29.57 billion. In April 2023 it was $25.78 billion.

India is not behind even in imports

However, India's imports are also increasing like exports, which is a major indicator of demand pull in the country. The country's total imports increased by 10.25 percent to $54.09 billion in April, which was $49.06 billion in April 2023. In this, the import of services was 16.97 billion dollars. It was $13.96 billion in April last year.

How much was the sale of which item?

If we look at exports from India separately, sectors like electronics, chemicals, petroleum products and medicines have registered strong growth in April this year. A growth of 25.8 percent has been seen in the export of electronics goods. It has been 2.65 billion dollars. Similarly, export of chemicals has increased by 16.75 percent to $2.50 billion, export of medicines has increased by 7.36 percent to $2.43 billion and export of petroleum products has increased by 3.10 percent to $6.62 billion.

Trade deficit still a matter of concern

Even though India's exports have increased, there has not been much decline in its imports either. Therefore India's trade deficit is still a matter of concern. That is why the trade deficit in April, i.e. the difference between imports and exports, was 19.1 billion dollars. Trade deficit in April 2023 was $14.44 billion. Earlier in December 2023, trade deficit had been as high as $19.8 billion.