India: Services Exports to Surpass Merchandise Shipments by 2030
1 month ago

India: Services Exports to Surpass Merchandise Shipments by 2030

Deccan Chronicle  

Chennai: With a growth rate double that of merchandise exports, services export is set to surpass the former in five years. Between FY2019 and FY2024, India’s merchandise exports grew at a compound annual growth rate of 5.8 per cent, while services exports surged ahead at a robust CAGR of 10.5 per cent. According to GTRI, at this rate, services exports are expected to reach $618.21 billion, edging past merchandise exports, which are projected to be at $613.04 billion. Software and IT services contributed $190.7 billion in FY2024, representing 56.2 per cent of the total services exports. OBS, encompassing areas such as legal, accounting, tax consultancy, management consulting, and market research, generated $102.8 billion in FY2024, representing 33.2 per cent of total services exports.

India Billion Cent Obs Merchandise Exports Services Exports Services Export Merchandise Shipments Exports Services  obs  global  merchandise  shipments  exports  services  2030  india  total  sector  surpass  billion  cent  rate

History of this topic

Rupee at 85 to a Dollar: Sinking Towards 100?
13 hours, 1 minute ago

Rupee at 85 to a Dollar: Sinking Towards 100?

The Quint  

India has indeed developed a strong export franchise in not only IT services but also in setting up global capability centers that employ over 1.5 million talented Indians for highly productive use. India, in contrast to its merchandise counterpart, import much less of services, and generate good surplus despite Indians’ itch to travel abroad and seek overseas education. India exported …

DC Edit | Time to focus on service sector
6 days ago

DC Edit | Time to focus on service sector

Deccan Chronicle  

India’s service exports outstripped merchandise exports for the first time ever in November 2024, according to the commerce ministry’s trade data. After sustained growth beginning from February 2024, service exports stood at $37.6 billion and merchandise exports at $32.1 billion in November 2024. While India is known to export more services than it buys from other countries, the value of …

Trade deficit at a record $38bn as gold imports rise
Top News
1 week ago

Trade deficit at a record $38bn as gold imports rise

Hindustan Times  

India’s merchandise trade deficit widened to a record $37.84 billion in November, driven primarily by surging gold imports and falling exports, a trend experts said threatens to add pressure on the rupee which is already strained by three months of portfolio outflows. Imports, however, surged by 27% to $69.95 billion compared to $55.06 billion in November 2023, mainly due to …

India’s imports rises to 27%, touches to record high of almost $70 billion
1 week ago

India’s imports rises to 27%, touches to record high of almost $70 billion

The Hindu  

India’s merchandise exports fell 4.83% to $32.11 billion in November while the import bill jumped 27% to a record high of almost $70 billion, as per data released by the Commerce Ministry. This is the third time in four months that India’s import bill has hit a record high, but November’s tally surpasses the last two occasions by a wide …

India's smartphone exports crossed Rs 20K crore mark in November, jumped almost 100% in a year
1 week ago

India's smartphone exports crossed Rs 20K crore mark in November, jumped almost 100% in a year

Firstpost  

India’s smartphone PLI scheme has been a game-changer, transforming the sector from the country’s 23rd-ranked export in 2019 to the third-largest individual commodity export today Apple emerged as the frontrunner in November, with exports worth Rs 14,000 crore, the highest ever for the company in India. Image Credit: Reuters India’s smartphone exports have reached an unprecedented milestone, crossing the Rs …

Merchandise trade deficit and services trade surplus to touch record high in Q3
2 weeks, 4 days ago

Merchandise trade deficit and services trade surplus to touch record high in Q3

Deccan Chronicle  

Chennai: In the December quarter, Indian trade will see both merchandise trade deficit and services trade surplus touching record high levels. The goods trade deficit is likely to touch a record high of $80 billion while services trade surplus too could register a fresh high of around $49 billion in Q3 FY25. The global trade in commercial services grew at …

India’s exports rise, boosting global presence
2 weeks, 6 days ago

India’s exports rise, boosting global presence

Deccan Chronicle  

New Delhi: India is eyeing to be a global economic powerhouse with its remarkable achievements in the export landscape. “India’s export performance in several key product categories has shown notable success, with the country maintaining or improving its rank among the top 10 global suppliers, all with export values exceeding $1 billion in 2023,” the ministry said. “The petroleum sector …

India-China trade: An alarming $18 billion discrepancy
3 weeks, 5 days ago

India-China trade: An alarming $18 billion discrepancy

Live Mint  

India-China trade data for 2023 reveals a widening discrepancy, with India's reported imports from China falling significantly short of China's export figures, raising concerns over potential anomalies such as under-invoicing, misclassification, and inconsistent reporting practices. In 2023, India's merchandise imports from China stood at $99.59 billion, which was 18.2% lower than the $117.68 billion worth of exports reported by China, …

Demand from European markets fuels recovery in India’s textile exports amid Bangladesh crisis
1 month ago

Demand from European markets fuels recovery in India’s textile exports amid Bangladesh crisis

Live Mint  

Indian textile exports are showing signs of recovery in FY25, with demand from European markets playing a crucial role in boosting figures, according to data from the ministry of commerce and industry. However, the numbers still fall short of the $5.84 billion achieved during FY23, the commerce ministry data showed, highlighting recovery challenges despite the growing interest in Indian textiles …

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct
1 month ago

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct

Live Mint  

New Delhi: India's merchandise exports continued their upward trajectory during April-October, with 21 of the top 30 sectors registering growth in value terms, buoyed by rising global demand for Indian goods. Growth in key sectors like pharmaceuticals, electronics, and engineering goods contributed to the overall gains, while a sharp decline was reported in traditionally strong sectors—petroleum and gems and jewellery—amid …

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda
1 month, 1 week ago

India’s current account deficit to remain manageable in FY25, Rupee to remain in pressure: Bank of Baroda

Live Mint  

New Delhi, November 15 : India's current account deficit will remain within a manageable range for both FY25 and FY26, largely due to muted oil prices that are expected to support the country's external financial position, projected a recent report by Bank of Baroda. Despite global market volatility, the report stated that steady oil prices at current levels are a …

Merchandise exports surge amid focus on key markets, countries
Trending News
1 month, 1 week ago

Merchandise exports surge amid focus on key markets, countries

Hindustan Times  

India’s merchandise exports registered 17.25% growth to $39.20 billion in October over the same month last year, with non-petroleum exports aggregating a record $211.34 billion in the first seven months of current financial year despite global headwinds, commerce secretary Sunil Barthwal said, crediting a concerted policy push and Christmas demand for the growth. India’s services exports in October 2024 is …

Merchandise exports in Oct up 17 pc
1 month, 1 week ago

Merchandise exports in Oct up 17 pc

Deccan Chronicle  

Chennai: Buoyed by festive demand in the key markets, merchandise exports in October rose 17.26 per cent year-on-year to $39.2 billion, while it grew 13.3 per cent sequentially. While imports rose 3.88 per cent year-on-year, the sequential growth of 20 per cent saw the trade deficit widening to $27.14 billion. Imports grew 3.88 per cent year-on-year to $66.34 billion against …

India’s goods trade deficit widens to $27 billion in October
Trending News
1 month, 1 week ago

India’s goods trade deficit widens to $27 billion in October

Live Mint  

New Delhi: India’s merchandise trade deficit widened to a two-month high in October, driven by a rise in imports, data released by the commerce ministry on Thursday showed. The goods trade deficit—the difference between exports and imports—stood at $27.14 billion in October, up from $20.78 billion in September. The overall trade deficit, including both services and merchandise, fell to $10.12 …

Dec quarter exports to record growth yearly and sequentially: Exim Bank
1 month, 1 week ago

Dec quarter exports to record growth yearly and sequentially: Exim Bank

Deccan Chronicle  

Chennai: Exim Bank has projected that merchandise exports in the ongoing December quarter will touch $107.5 billion, registering a yearly growth of 1.85 per cent and sequential gain of 5 per cent. While geo-political tensions are shrouding the prospects of trade across the globe, Exim Bank is hopeful that the country will see positive growth in merchandise exports in the …

Merchandise exports set for modest rebound, to hit $107.5 billion in Q3: India Exim Bank
1 month, 1 week ago

Merchandise exports set for modest rebound, to hit $107.5 billion in Q3: India Exim Bank

Live Mint  

India's merchandise exports are likely to rise 1.85% year-on-year to $107.5 billion in the third quarter of FY25, according to India Exim Bank. Exim Bank has projected non-oil exports at $91.7 billion, marking a year-on-year growth of 7.39%. Read this | RITES sets sights on Africa for export of refurbished and underutilized railway diesel locos This anticipated growth signals a …

The IMF's WEO and the Rise of China: A Cautionary Tale for India
1 month, 4 weeks ago

The IMF's WEO and the Rise of China: A Cautionary Tale for India

Hindustan Times  

The IMF's World Economic Outlook report sheds light on the competitive edge China holds in the electric vehicle (EV) industry. The report highlights the sharp rise in labor productivity in China, which has enabled them to produce EVs at lower costs compared to their European counterparts. This competitiveness could lead to a global disruption in the EV market, which is …

Indian Apparel Exports Soar 17.3% in September, Boosting Global Supply Chain
2 months, 1 week ago

Indian Apparel Exports Soar 17.3% in September, Boosting Global Supply Chain

The Hindu  

Indian apparel exports saw a significant surge in September, with a 17.3% increase compared to the same period last year. This growth is expected to continue in the coming months, with 15%-20% higher exports projected for 2024-2025. This surge is attributed to the increasing popularity of Indian products and the growing focus on sourcing from India by international buyers.

India’s current account deficit in Q1 FY25 widens to $9.7 billion
2 months, 3 weeks ago

India’s current account deficit in Q1 FY25 widens to $9.7 billion

The Hindu  

India’s current account deficit widened marginally to $ 9.7 billion in Q1:2024-25 from $8.9 billion in Q1:2023-24 and against a surplus of $4.6 billion in Q4:2023-24, according to dada released by the Reserve Bank of India on Monday. The current account surplus for Q4:2023-24 was revised downwards to $4.6 billion from US$ 5.7 billion earlier due to an upward adjustment …

India targets $1 trillion exports by 2030: Coimbatore DGFT
2 months, 3 weeks ago

India targets $1 trillion exports by 2030: Coimbatore DGFT

New Indian Express  

TIRUPPUR: India has an ambitious target of exporting goods worth $1 trillion USD by 2030, said Anand Mohan Mishra, Joint Director General of Foreign Trade of Coimbatore, during a seminar ‘Export Finance and Trade Facilitation for the Apparel Industry’ in Tiruppur on Saturday. Speaking among the exporters in Tiruppur, Mishra said, “ Each and every part of the export community …

India's Defence Production Hits ₹1.27 Lakh Cr
2 months, 4 weeks ago

India's Defence Production Hits ₹1.27 Lakh Cr

Deccan Chronicle  

New Delhi:India's defence production reached a record high of ₹1.27 lakh crore in 2023-24, with exports of military hardware and weapons to over 90 countries, defence minister Rajnath Singh announced on Wednesday. The 'Make in India' programme, introduced under Prime Minister Narendra Modi’s leadership, has driven significant reforms across sectors, particularly in defence, according to Singh. He highlighted the country's …

Trade in services experiencing exponential growth
3 months ago

Trade in services experiencing exponential growth

China Daily  

A visitor experiences a passenger-carrying autonomous aerial vehicle during the 2024 CIFTIS in Beijing on Sept 13. "Since China's manufacturing investment and goods trade have remained at a high level, trade in services plays an even more important role to drive high-quality economic growth and new quality productive forces," said Jiang Hao, a partner at global management consultancy Roland Berger. …

Is the spike in India’s trade deficit a worry?
3 months ago

Is the spike in India’s trade deficit a worry?

The Hindu  

The story so far: After a positive start to goods exports in the first quarter of 2024-25, there has been a blip in momentum. On the exports front, 18 of India’s top 30 segments recorded growth in July and 19 in August, but the big-ticket sectors like petroleum, and gems and jewellery, have tanked significantly. While gems and jewellery exports …

Apparel exports grew 12% in August to more than $1.2 bn
3 months ago

Apparel exports grew 12% in August to more than $1.2 bn

The Hindu  

Apparel exports registered 11.9% growth in August to $1,268.2 million compared with $1,133.5 million last August. In rupee terms, exports were 13.4% higher last month compared with last August and 8.7% more in April-August FY25 compared with the corresponding period in FY24. Mithileshwar Thakur, Secretary General, Apparel Export Promotion Council, said in a press statement that exports to Japan, Korea, …

China's service trade set to unleash huge potential
3 months, 1 week ago

China's service trade set to unleash huge potential

China Daily  

The 2024 China International Fair for Trade in Services kicks off in Beijing on Thursday. From 2012 to 2023, the volume of service trade in China, measured in US dollars, grew at an average annual growth rate of 6.2 percent. In 2023, China's share of global service exports and service imports stood at 4.8 percent and 7.5 percent respectively, indicating …

India's Exports to Bangladesh, Russia Decline Sharply
4 months ago

India's Exports to Bangladesh, Russia Decline Sharply

Deccan Chronicle  

Chennai: Conflict-ridden markets like Bangladesh and Russia reported a slumping engineering goods offtake in July, despite the industry clocking a positive growth in shipments. Engineering exports to Bangladesh fell 11.8 per cent year-on-year to $153.78 million in July 2024, against $174.35 million in July 2023. The value of engineering exports to Russia declined 26.8 per cent in July this year …

India Witnesses Surge In Defence Exports With Supply To Over 90 Countries: Report
4 months ago

India Witnesses Surge In Defence Exports With Supply To Over 90 Countries: Report

News 18  

India is now selling weapons made in the country to other nations, reaching record levels in defence exports. In 2023-2024, defence exports reached a record Rs 21,083 crore, an increase of 32.5 percent from Rs 15,920 crore in the previous year. The Narendra Modi government set an ambitious target in 2020 to achieve Rs 35,000 crore in defence exports within …

India has made strides to further self-reliance in defence, exporting weapons too: PM
4 months, 1 week ago

India has made strides to further self-reliance in defence, exporting weapons too: PM

Hindustan Times  

NEW DELHI: In his 98-minute Independence Day speech delivered from the imposing Red Fort on a drizzly morning, Prime Minister Narendra Modi on Thursday captured the strides made by India to further self-reliance in the critical defence manufacturing sector and how the country had gradually transformed itself from being an importer of military hardware to an exporter. India has made …

India has made strides to further self-reliance in defence: Modi
4 months, 1 week ago

India has made strides to further self-reliance in defence: Modi

Hindustan Times  

New Delhi: In his 98-minute Independence Day speech delivered on Thursday morning from the Red Fort, Prime Minister Narendra Modi captured the strides made by India to further self-reliance in the critical defence manufacturing sector and how the country had gradually transformed itself from being an importer of military hardware to an exporter. Prime Minister Narendra Modi addressed the nation …

India was victim of terror attacks but now Armed Forces giving a befitting reply, says PM Modi
4 months, 1 week ago

India was victim of terror attacks but now Armed Forces giving a befitting reply, says PM Modi

New Indian Express  

India is attaining ‘Aatmanirbharta’ in defence and is emerging as a global manufacturing hub due to the steps taken by the Government in the last few years. He lauded the Ministry of Defence and the Armed Forces for taking a series of decisions, including the notification of a number of positive indigenisation lists, wherein there are over 5,600 items that …

India’s Trade Deficit Widens to $23.5B in July
4 months, 1 week ago

India’s Trade Deficit Widens to $23.5B in July

Deccan Chronicle  

Chennai: India's trade deficit widened to $23.50 billion in July as exports dipped 1.4 per cent and imports grew 7.5 per cent. However, combined exports of merchandise and services registered a growth of 2.8 per cent and the ministry expects this year’s combined exports to be higher than last year’s. Merchandise exports in July this year dipped by 1.4 per …

September quarter to see 4.2 pc growth in exports: Exim Bank
4 months, 1 week ago

September quarter to see 4.2 pc growth in exports: Exim Bank

Deccan Chronicle  

Chennai: Merchandise exports from India in the ongoing September quarter are projected to grow by 4.2 per cent to $111.7 billion, according to the Exim Bank. While the merchandise export for the second quarter of the fiscal is projected to grow by 4.2 per cent, the growth will be slower than the first quarter which saw merchandise exports growing by …

India on course to clock defence exports worth ₹50k crore by 2028-29: Officials
4 months, 1 week ago

India on course to clock defence exports worth ₹50k crore by 2028-29: Officials

Hindustan Times  

New Delhi: India is on course to achieve its defence export target of Rs.50,000 crore in the next five years, defence ministry officials said on Sunday, citing export data shared by the government for the first quarter of financial year 2024-25. Akash missile is developed by the DRDO and produced by Bharat Dynamics Limited The data shared a day earlier …

Strong trade ties boosting India’s export market share: Economic Survey
5 months ago

Strong trade ties boosting India’s export market share: Economic Survey

Hindustan Times  

India is gaining market share in global exports of merchandise and services, benefiting from its strong trade relations across countries, which raised its share in global goods exports to 1.8% and services to 4.3% in FY24 as compared to an average of 1.7% and 3.3% respectively during FY16-FY20, the economic survey said on Monday. The government took various measures to …

Economic Survey 2023-24: 14% of global iPhones made in India in FY24, country's electronics export rank up
5 months ago

Economic Survey 2023-24: 14% of global iPhones made in India in FY24, country's electronics export rank up

The Hindu  

US smartphone major Apple assembled 14% of global iPhones in India in FY24 and the country's ranking in global electronics export improved by four positions, Economic Survey 2023-24 said on July 22. "Apple assembled $14 billion worth of iPhones in India during FY'24, constituting 14% of its global iPhone production," the Economic Survey said citing third-party data. The survey recorded …

Economic Survey 2023-24: India’s success in exports and reducing Chinese imports
5 months ago

Economic Survey 2023-24: India’s success in exports and reducing Chinese imports

The Hindu  

The government's steps such as mandatory quality norms and increase in customs duties have significantly helped the domestic toy players to boost exports and reduce dependence on Chinese imports, Economic Survey said on July 22. "India's import bill for toys from China dropped from USD 214 million in FY'13 to USD 41.6 million in FY'24, leading to a decline in …

Niti Aayog: India’s Electronics Output Can Reach $500 Billion by FY30
5 months ago

Niti Aayog: India’s Electronics Output Can Reach $500 Billion by FY30

Deccan Chronicle  

Chennai: India can increase its electronics production five-fold to touch $500 billion by FY30, with $200 -$225 billion worth exports of both finished goods and components by becoming an integral part of the global value chain through focused policy interventions, finds Niti Aayog. However, the electronics sector has a very high participation in the global value chain with 75 per …

India's exports in Q1 show resilience despite global slowdown: CRISIL
5 months ago

India's exports in Q1 show resilience despite global slowdown: CRISIL

New Indian Express  

India's exports have shown resilience amidst global challenges, with merchandise exports rising by 5.8% to $109.96 billion in the first quarter of fiscal 2025, according to CRISIL. "On a cumulative basis, merchandise exports rose 5.8% to $109.96 billion for the first quarter of fiscal 2025, from $103.9 billion in the year-ago period. This growth in exports in the first quarter …

Merchandise exports up 2.55 pc in June
5 months, 1 week ago

Merchandise exports up 2.55 pc in June

Deccan Chronicle  

Chennai: Merchandise exports registered a positive growth of 2.55 per cent at $35.20 billion in June against the same month last year. Merchandise exports at $35.20 billion in June was 2.55 per cent higher than $34.32 billion garnered in June 2023. In the June quarter, merchandise exports were valued at $109.96 billion against $103.89 billion in the year ago period- …

India's exports soar 2.56 per cent to USD 35.2 billion in June: Govt data
5 months, 1 week ago

India's exports soar 2.56 per cent to USD 35.2 billion in June: Govt data

India TV News  

The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. In May, the country's merchandise exports increased by 9.1 per cent and reached USD 38.13 billion, …

Automobile exports from India rise 15.5 per cent in Q1
5 months, 1 week ago

Automobile exports from India rise 15.5 per cent in Q1

India TV News  

Automobile exports from India increased 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments, according to the latest SIAM data. Passenger vehicle exports stood at 1,80,483 units in the first quarter, registering a jump of 19 per cent over 1,52,156 units in the same period last year. Two-wheeler exports stood at 9,23,148 …

Chinese share of Indian yarn exports more than double in FY24
5 months, 3 weeks ago

Chinese share of Indian yarn exports more than double in FY24

Deccan Chronicle  

Chennai: Increase in yarn exports in FY24 saw the share of shipments to China rise from 10 per cent in FY23 to 21 per cent in FY24. Cotton yarn exports rose by 83 per cent in FY24. Bangladesh, China, and Vietnam collectively account for 60 per cent of Indian cotton yarn exports. In FY2024, cotton fibre prices declined by 25 …

DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports
6 months ago

DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports

The Hindu  

In a bid to boost India's e-commerce exports, the Directorate General of Foreign Trade is working with the Department of Revenue to establish designated e-commerce hubs across India to streamline the process for online export shipments. We are working with the Department of Revenue to have designated e-commerce hubs so that clearance of goods happens fast," Director General of Foreign …

India's electronics sector loses ₹1.25 lakh crore due to India-China tensions
6 months, 1 week ago

India's electronics sector loses ₹1.25 lakh crore due to India-China tensions

Hindustan Times  

Escalating tensions with China are said to have cost Indian electronics manufacturers $15 billion in production losses as well as 100,000 jobs in the past four years, the Economic Times reported. In submissions to various ministries, the electronics manufacturing industry said India has also lost out on a $10 billion export opportunity besides $2 billion in value addition loss, according …

Exports Rise 9 PC in May
6 months, 1 week ago

Exports Rise 9 PC in May

Deccan Chronicle  

Chennai: With the global demand showing positive signals, merchandise exports rose by over 9 per cent in May. "While exports growth rose to a robust 9.1 per cent and outpaced imports growth of 7.7 per cent, the merchandise trade deficit widened to a seven-month high, driven by a jump in the net oil imports,” said Aditi Nayar, Chief Economist, ICRA. …

Passenger vehicle exports rise by 2.68 lakh units in 4 years; 70 percent is Maruti Suzuki
6 months, 2 weeks ago

Passenger vehicle exports rise by 2.68 lakh units in 4 years; 70 percent is Maruti Suzuki

Hindustan Times  

Passenger vehicle exports from India rose by 2.68 lakh units in the last four financial years, with Maruti Suzuki India accounting for nearly 70% of the incremental shipments during the period, PTI reported. Maruti Suzuki contributed nearly half of overall car sales in India in 2023 As per the industry data, passenger vehicle exports in the financial year 2020-21 stood …

April 2024 trade gap hits $19 billion as imports outpace exports
7 months, 1 week ago

April 2024 trade gap hits $19 billion as imports outpace exports

The Hindu  

India’s merchandise exports began 2024-25 on a mildly positive note, rising 1.07% to $35 billion in April. Almost all of the sharp 32.3% year-on-year surge in April’s goods trade deficit, compared to a $14.4 billion gap in April 2023, was fuelled by gold imports that tripled to $3.11 billion from $1.01 billion, and a 20.2% rise in the oil import …

India's Toy Import Curbs Yield Success, Exports Stagnate
7 months, 1 week ago

India's Toy Import Curbs Yield Success, Exports Stagnate

Deccan Chronicle  

Chennai: The government measures to curb the inflow of substandard products have successfully reduced toy imports. India's toy imports decreased drastically from $304.1 million in FY2019 to US$ 64.9 million in FY2024. Further, the share of imports from China dropped from 87 per cent of India's total toy imports in FY2019 to 64 per cent in FY2024. While the curbs …

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030
7 months, 3 weeks ago

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030

Hindustan Times  

India's services exports are likely climb to $900 billion- about 12.4 percent of its GDP, by 2030- Goldman Sachs said in what it called a "favourable scenario" of the economy. "India has been gaining share in professional consulting globally, which is relatively less concentrated than other sectors, and India has scope of gaining further share with the rise of GCCs," …

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