Skip to main content

India’s goods, services exports likely to cross $800 bn in 2024: GTRI

In 2023, the country’s merchandise and services exports stood at $768.5 billion

New Delhi: India’s overall exports of goods and services in 2024 has estimated to cross $814 billion, an increase of 5.58 per cent, according to a report by economic think tank Global Trade Research Initiative (GTRI).

In 2023, the country’s merchandise and services exports stood at $768.5 billion.

This year, the report estimated that in 2024, merchandise exports are expected to reach $441.5 billion, showing a modest 2.34 per cent increase over $431.4 billion in the previous year.

In contrast, the services exports are estimated to grow by 10.31 per cent to $372.3 billion, up from $337.5 billion in 2023.

“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,” it said.

GTRI Founder Ajay Srivastava said India’s export landscape is undergoing a transformation that highlights both opportunities and vulnerabilities.

Sectors such as machinery and electronics are gaining prominence, with machinery’s share in the export basket rising to 6.9 per cent in 2024 from 3.8 per cent in 2014 and electronics climbing to 7.9 per cent in 2024 from 3.3 per cent in 2014, he added.

“These trends underscore India’s growing capabilities in higher-value sectors, a necessary shift for long-term export resilience,” Srivastava said.

Traditional sectors of exports, however, are witnessing a decline.

Textiles and garments, which accounted for 21.1 per cent of exports in 2004, now represent just 8 per cent, while gems and jewellery have 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 said.

The coming year poses significant challenges for Indian exports, he cautioned, adding that the global trade growth remains sluggish, hampered by slow economic recovery in developed markets and geopolitical tensions like the Russia-Ukraine war and the Israel-Hamas conflict.

Disruptions in Red Sea shipping routes further exacerbate supply chain vulnerabilities.

The post India’s goods, services exports likely to cross $800 bn in 2024: GTRI appeared first on India Retailing.



from India Retailing https://ift.tt/8V0zeOS
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more