Overview of India’s Trade Performance in February 2024

In February 2024, India’s exports, including merchandise and services, were estimated to be USD 73.55 billion, exhibiting a positive growth of 14.20% over February 2023. In February 2024, the total imports were estimated to be USD 75.50 billion, displaying a growth of 10.13% compared to February 2023.

Trade During February 2024

Note that the latest data for the services sector released by RBI is for January 2024. The data for February 2024 is an estimation that will be revised based on RBI’s subsequent release.

Trade During April-February 2023-24

India’s exports, which include both merchandise and services sectors in April-February 2023-24, are expected to be USD 709.81 billion, showcasing a growth of 0.83% over April-February 2022-23. Overall imports in the same period are estimated to be USD 782.05 billion, indicating a growth of -4.64% compared to April-February 2022-23.

Merchandise Trade During February 2024

• In February 2024, merchandise exports were USD 41.40 billion, compared to USD 37.01 billion in February 2023.
• In the case of merchandise imports, it was USD 60.11 billion in February 2024, when compared to USD 53.58 billion during the same period last year.

• Merchandise exports for April-February 2023-24 were USD 394.99 billion compared to the same period last year, which was USD 409.11 billion.
• Merchandise imports for April-February 2023-24 were USD 620.19 billion compared to USD 655.05 billion during the same period in 2022-23.

Trade Excluding Petroleum and Gems & Jewellery

Services Trade

The services export estimated value for February 2024 is USD 32.15 billion, against USD 27.40 billion in February 2023. In the case of imports, the estimated value for February 2024 is USD 15.39 billion when compared to USD 14.97 billion during the same period in 2023.

When looking at the annual data, i.e., April to February, the estimated value of services export in 2023-24 is USD 314.82 billion against USD 294.89 billion in 2022-23. In the case of service imports during April to February period, the estimated value during 2023-24 is USD 161.86 billion as compared to USD 165.09 billion in 2022-23.

• Engineering goods exports in February 2024 increased by 15.9% to USD 9.94 billion compared to USD 8.58 billion in February 2023.
• Electronic goods exports surged by 54.81% to USD 3.00 billion from USD 1.94 billion in February 2023.
• Exports of organic and inorganic chemicals rose by 33.04% from USD 2.22 billion to USD 2.95 billion.
• The exports of drugs and pharmaceutical products stood at USD 2.51 billion, marking a 22.24% increase from USD 2.06 billion in February 2023.
• Petroleum products exports grew by 5.08% to USD 8.24 billion from USD 7.84 billion in February 2023.
• Agricultural product exports, including tobacco (58.24%), meat, dairy, and poultry products (37.83%), oilseeds (37.71%), cereal preparations, and miscellaneous processed items (17.69%), spices (14.84%), fruits and vegetables (12.72%), and rice (1.81%), continued to show growth in February 2024.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.