India’s exports, particularly of traditional commodities, have experienced a significant downturn in recent months. According to the latest data from the Ministry of Commerce and Industry, exports of marine products, rice, gems and jewellery, and petroleum products have declined steadily between April and July 2024.
In July alone, a dozen of the country’s 30 major export items registered a decline in value compared to the same period last year. Notable decreases were seen in coffee, rice, cereals, cashews, oil seeds, marine products, ceramic products, gems and jewellery, organic and inorganic chemicals, cotton yarn, jute, and petroleum products.
However, a silver lining emerged in the form of a surge in exports of electronics, engineering, and pharmaceutical products. These sectors witnessed annual growth in July, outpacing the traditional exports of textiles, chemicals, and jewellery. This shift signals a crucial transformation in India’s export landscape.
While the overall export picture remains challenging, with nine of the 30 major items declining in June and 17 in April, the growth in electronics, engineering, and pharmaceuticals offers a glimmer of hope for India’s export-driven economy. As the country continues to diversify its export base, it is poised to navigate the global economic headwinds more effectively.
