How India Records Highest Monthly Exports in February 2024?
India has achieved a significant milestone in its export sector, with the country recording its highest monthly exports in February.
The total value of exports stood at $41.4 billion, marking an impressive growth rate of 11.9% compared to the same period last year. This growth was primarily fueled by increased shipments of engineering goods, electronic items, and pharmaceutical products.
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The surge in exports has been a major boost to India’s economy, contributing to a positive trade balance. However, the trade deficit in February widened to $18.7 billion, mainly due to a significant increase in gold imports.
Despite this, the overall merchandise imports also saw a notable increase, reaching $60.11 billion, reflecting a growth rate of 12.16% compared to the previous year.
In addition to merchandise exports, India’s services sector also witnessed a robust performance in February.
The total value of services exports reached $32.15 billion, showing a remarkable year-on-year growth of 17.3%.
This positive trend has been consistent throughout the fiscal year, with services exports totaling $314.82 billion in the period from April 2023 to February 2024.
One of the key factors contributing to the growth in exports has been the strong performance of sectors such as engineering goods, electronic goods, chemicals, petroleum products, and pharmaceuticals.
In particular, the export of engineering goods saw a significant growth rate of 15.9% in February, while electronic goods witnessed a remarkable 55% increase.
Notably, India and Korea have emerged as dominant players in the US market for electronic goods, with India holding a larger share compared to China, Vietnam, and Hong Kong.
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Commerce Secretary Sunil Barthwal expressed his satisfaction with India’s export performance, highlighting that the country has achieved the highest export growth in the 11-month period of the financial year.
This positive momentum is a testament to India’s resilience and competitiveness in the global market.
