How India’s services sector made history as goods exports floundered
4 days, 6 hours ago

How India’s services sector made history as goods exports floundered

Live Mint  

Preliminary data indicates that India’s services exports exceeded its goods exports for November 2024. At the global level, while India’s goods exports have been one of missed opportunities, services exports have an undertone of opportunity taken, driven by IT and software services. India’s share in global services exports has consistently exceeded its share in global goods exports since at least 1998. Interestingly, China’s share in services exports peaked in 2002, which is also when its goods exports took off.

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History of this topic

India’s services sector growth rises to a four-month high in December
Trending News
3 days, 5 hours ago

India’s services sector growth rises to a four-month high in December

Live Mint  

New Delhi: Business activity gained momentum in December driven by demand buoyancy in the services sector, rising to a four-month high during the month, even as manufacturing growth slowed. India’s finance ministry recently said it expects the economy to grow at 6.5% in 2024-25, while the Reserve Bank of India estimates a 6.6% growth aided by rural consumption, government investment, …

India’s Services Exports Hit Historic High In Oct, Find Out Why
1 week, 4 days ago

India’s Services Exports Hit Historic High In Oct, Find Out Why

ABP News  

India’s services exports reached a historic high of $34.31 billion in October, a commerce ministry official revealed. The official further noted that India has made a name for itself as a global leader in digitally delivered services exports, backed by its strong IT sector and skilled workforce, reported PTI. In the last two decades, India grew from $30 billion in …

Services exports save the day for India’s current account deficit in September quarter
1 week, 5 days ago

Services exports save the day for India’s current account deficit in September quarter

Live Mint  

Mumbai: A rise in services exports helped narrow India's current account deficit in the September quarter, although this marked the second consecutive quarterly deficit after hitting a surplus in the final three months of FY24. In the three months prior to that—the fourth quarter of 2023-24 —India had registered its first current account surplus in about four years due to …

India’s trade braces for an action-packed 2025
2 weeks, 2 days ago

India’s trade braces for an action-packed 2025

Live Mint  

India’s external trade, navigating a phase of uncertainty owing to the European Union's new carbon tax on imports and slowing consumption in Europe, is set face further pressure. Yet, according to Pralok Gupta, associate professor, Indian Institute of Foreign Trade, which operates under the ministry of commerce and industry, “If US imposes high tariffs on China, India may face collateral …

Ajit Ranade: India needs more sectors to be reliable dollar earners
2 weeks, 3 days ago

Ajit Ranade: India needs more sectors to be reliable dollar earners

Live Mint  

India presently has more than a quarter trillion dollars of essential imports. Domestic production capacity for all these is unlikely to become ‘ atma nirbhar ’ in the near future, even as demand will grow as India chugs at a 7% or 8% growth rate. In a report, Ajay Srivastava, founder of Global Trade Research Initiative, analysed the structural changes …

Rupee at 85 to a Dollar: Sinking Towards 100?
2 weeks, 3 days 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 …

Leather exports likely to grow by over 12 pc to USD 5.3 bn this fiscal: CLE
2 weeks, 4 days ago

Leather exports likely to grow by over 12 pc to USD 5.3 bn this fiscal: CLE

Live Mint  

New Delhi, Dec 22 The country's leather and footwear exports are expected to grow by over 12 per cent to USD 5.3 billion in the current financial year on account of healthy demand in key global markets, CLE Chairman Rajendra Kumar Jalan has said. "The sector has the potential to reach a total turnover of USD 47 billion by 2030, …

Mint Primer: How India’s trade gap soared, and how it might hurt
2 weeks, 6 days ago

Mint Primer: How India’s trade gap soared, and how it might hurt

Live Mint  

India’s gold imports jumped fourfold to nearly $15 billion in November, powering a 27% surge in goods imports. Prominent drivers of the trade deficit were higher gold imports and falling realizations from petroleum exports. Gold imports touched $14.86 billion, a fourfold increase from $3.44 billion in November 2023, driven by higher volumes, likely fuelled by festive and wedding season demand. …

Indian manufacturing must adapt to constant flux in a dynamic world
3 weeks ago

Indian manufacturing must adapt to constant flux in a dynamic world

Live Mint  

The global economic landscape is becoming increasingly interlinked and dynamic. Despite multiple shifts, 2023 saw global merchandise exports worth over $24 trillion, an increase of 6% over 2019, demonstrating resilience in the face of disruptions. Focused reforms since then, including the production-linked incentive schemes and ‘Make in India’ initiative, combined with infrastructure development programmes, trade agreements and stronger participation in …

Services led exports are a mixed blessing for the Indian economy
3 weeks ago

Services led exports are a mixed blessing for the Indian economy

Live Mint  

If every cloud has a silver lining, the glow around India’s data that shows November’s trade deficit at a record high of $37.9 billion is the remarkable performance of service exports. In a scenario where US President-elect Donald Trump has threatened to slap “reciprocal" tariffs on India, this strong showing of service exports and declining reliance on the export of …

DC Edit | Time to focus on service sector
3 weeks, 1 day 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 …

Services exports surpass merchandise exports in November
3 weeks, 2 days ago

Services exports surpass merchandise exports in November

Deccan Chronicle  

Chennai: Services export value was higher than merchandise exports in November, for the first time on a monthly basis. Merchandise exports were down 4.83 per cent to $32.11 billion in November while services exports grew 27 per cent to $35.67 billion. Though services exports grew 21 per cent in October 2024 at $34.02 billion, merchandise exports were higher at $39.2 …

India’s imports rises to 27%, touches to record high of almost $70 billion
3 weeks, 3 days 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 …

Merchandise trade deficit and services trade surplus to touch record high in Q3
1 month 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 faces high exposure to US trade policy shift
1 month ago

India faces high exposure to US trade policy shift

Deccan Chronicle  

Chennai: India will be one of the key economies that are most exposed to a potential trade policy shift in the US under the new regime. The 2025 trade outlook is clouded by potential US policy shifts, including broader tariffs that could disrupt global value chains and impact key trading partners, said UNCTAD in its global trade update. This 3.3 …

India’s exports rise, boosting global presence
1 month 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: Services Exports to Surpass Merchandise Shipments by 2030
1 month, 2 weeks 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 …

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct
1 month, 3 weeks 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 …

Merchandise exports surge amid focus on key markets, countries
Trending News
1 month, 3 weeks 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, 3 weeks 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, 3 weeks 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 …

India will meet its exports target of USD 800 billion this year: Commerce Secretary
1 month, 3 weeks ago

India will meet its exports target of USD 800 billion this year: Commerce Secretary

Op India  

India’s exports surged by over 19 per cent in October. Commerce Secretary Sunil Barthwal was upbeat on the trade data and said, “It has been an extremely good month for us, and not only our overall export progress has been extremely good, but if you look at April to October, this has been the highest ever non-petroleum exports from this …

Merchandise exports set for modest rebound, to hit $107.5 billion in Q3: India Exim Bank
1 month, 4 weeks 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
2 months, 2 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 …

How India can fix the Chinese imports problem
3 months, 1 week ago

How India can fix the Chinese imports problem

Live Mint  

India last month extended countervailing duties of 12-30% on certain steel imports from China and Vietnam, following requests from local producers to safeguard against cheaper imports. Read this | Mint Primer | China’s stimulus: What it spells for India & the world A growing economy like India’s naturally requires more imports to meet rising consumption and manufacturing demand, with cost …

Is the spike in India’s trade deficit a worry?
3 months, 2 weeks 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 …

Opening up of services seen broadening
3 months, 4 weeks ago

Opening up of services seen broadening

China Daily  

China will further open up its services sector, promote convenient cross-border flow of various innovation elements, and optimize the environment for the growth of trade in services, a senior official said. The document will guide China's services trade growth in the future," Tang Wenhong, assistant minister of commerce, said during a news conference on Tuesday. Last year, China's total value …

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI
4 months, 1 week ago

India has trade surplus with 151 nations; deficit with 75 during Jan-June 2024: GTRI

The Hindu  

India has recorded trade surplus with as many as 151 countries such as the U.S. and Netherlands, while the country has a trade deficit with 75 nations including China and Russia during the first half of this year, according to think tank GTRI. "Between January and June 2024, India had a trade surplus with 151 countries, representing 55.8 per cent …

India Witnesses Surge In Defence Exports With Supply To Over 90 Countries: Report
4 months, 2 weeks 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, 3 weeks 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, 3 weeks 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, 3 weeks 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, 3 weeks 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 …

India on course to clock defence exports worth ₹50k crore by 2028-29: Officials
4 months, 4 weeks 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, 2 weeks 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, 2 weeks 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, 2 weeks 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, 2 weeks 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, 3 weeks 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, 3 weeks 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, 3 weeks 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, …

Exports positive in April-June quarter despite global challenges: Goyal
5 months, 3 weeks ago

Exports positive in April-June quarter despite global challenges: Goyal

The Hindu  

India's exports have recorded healthy growth in May and remained in the positive zone in June and the first quarter of the current fiscal despite global challenges, Commerce and Industry Minister Piyush Goyal has said. He also said that growth in the services sector is helping the country's outbound shipments to register positive growth rates. Last month, the Minister stated …

Exports Rise 9 PC in May
6 months, 3 weeks 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. …

Three imbalances on road to India's economic rise
7 months ago

Three imbalances on road to India's economic rise

China Daily  

Indian Prime Minister Narendra Modi is preparing for a third term in office, but the just-concluded general election was different from the previous ones in that the overall voter turnout was lower than the previous elections, leaders of some political parties showed "election fatigue" and many voters might have voted against Modi. Although New Delhi proposed the "Make in India …

Three imbalances on road to India's economic rise
7 months ago

Three imbalances on road to India's economic rise

China Daily  

Indian Prime Minister Narendra Modi is preparing for a third term in office, but the just-concluded general election was different from the previous ones in that the overall voter turnout was lower than the previous elections, leaders of some political parties showed "election fatigue" and many voters might have voted against Modi. Although New Delhi proposed the "Make in India …

April 2024 trade gap hits $19 billion as imports outpace exports
7 months, 3 weeks 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, 3 weeks 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 …

India's Exports to 115 Countries Surge Despite Global Uncertainties
7 months, 4 weeks ago

India's Exports to 115 Countries Surge Despite Global Uncertainties

Deccan Chronicle  

New Delhi: The commerce ministry on Thursday said that India's exports have surged to as many as 115 countries out of the total 238 destinations during 2023-24, despite the global economic uncertainties. “These 115 export destinations, which account for 46.5 per cent of India's export basket, include the US, UAE, Netherland, China, UK, Saudi Arabia, Singapore, Bangladesh, Germany and Italy,” …

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030
8 months, 1 week 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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