India hits record in merchandise exports

India's record export performance is testament to the effectiveness of policy reforms. (Source: Telegraph India)

According to official data from the Directorate General of Commerce and Statistics of India (DGCI&S), the success was attributed to the contribution of key export sectors such as engineering, electronics and chemicals which have shown strong export growth, ANI news agency reported.

The strong growth is also a clear testament to the positive impact of government initiatives and policies to encourage manufacturing and improve competitiveness, including the Production-Linked Incentive ( PLI ) Program and strategic trade agreements.

At the same time, the strong development of logistics infrastructure and digital trade processes also contribute to improving export efficiency.

Non-oil exports reached $211.3 billion in the April-October 2024 period, up significantly from $196.9 billion in the same period last year.

This strong growth reflects the continued expansion and diversification of India's exports, from engineering, electronics, pharmaceuticals to chemicals, textiles and agricultural products.

In particular, agricultural products and processed foods, including spices, fruits, vegetables and cereals, achieved their highest export levels in many years, demonstrating the success of government support measures for these industries.

India-US trade relations have also seen strong growth. The two countries’ exports have reached $87.3 billion in 2023, accounting for 2.8% of total US imports.

This growth further strengthens India's position in the US global supply chain, with a compound annual growth rate (CAGR) of 10.48% since 2001.