News Brief
India's Exports Set To Cross $800 Billion In 2024 With Over 5 Per Cent Growth Rate Amid Global Headwinds: GTRI Report
Indian Exports (Representative Image)
India's combined exports of goods and services for 2024 are projected to surpass $814 billion, marking a growth of 5.58 per cent compared to $768.5 billion in 2023, according to a report by the Global Trade Research Initiative (GTRI).
Export Performance Overview
The report highlights that merchandise exports are expected to reach $441.5 billion in 2024, reflecting a modest 2.34 per cent increase from $431.4 billion in 2023.
Meanwhile, services exports are set to experience a robust growth of 10.31 per cent, climbing from $337.5 billion in 2023 to an estimated $372.3 billion in 2024.
“India's total exports, encompassing merchandise and services, are projected to exceed $814 billion in 2024, reflecting a 5.58 per cent growth compared to $768.5 billion in 2023," the report stated.
Sectoral Shifts in Export Dynamics
Ajay Srivastava, Founder of GTRI, emphasised the evolving composition of India's export basket.
The share of machinery in exports rose to 6.9 per cent in 2024 from 3.8 per cent in 2014, while electronics exports increased to 7.9 per cent from 3.3 per cent during the same period.
However, traditional export sectors are facing a decline.
Textiles and garments, which constituted 21.1 per cent of exports in 2004, now account for only 8 per cent.
Similarly, the share of gems and jewellery exports has dropped from 16.9 per cent in 2004 to 7.5 per cent in 2024.
“These declines not only reflect changing global demand but also point to India's struggle to remain competitive in labour-intensive industries,” he added.
What were the Global Headwinds?
The report cautioned that Indian exports face headwinds in 2024 due to a sluggish global trade environment.
Factors such as slow economic recovery in developed markets and geopolitical conflicts, including the Russia-Ukraine war and the Israel-Hamas conflict, are expected to constrain trade growth.
