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India's Trade Data Highlights for Q1 2024:
On the export front:
In the first quarter of 2024, India's total exports of goods and services demonstrated notable trends:
- January 2024 witnessed exports totaling approximately US$69.72 billion, marking a significant year-on-year increase of 9.28%. This growth continued in February 2024, with exports reaching approximately US$73.55 billion, reflecting a robust year-on-year increase of 14.20%. However, in March 2024, exports dipped slightly to approximately US$70.21 billion, showing a decrease of 3.01% compared to the previous year.
- Breaking down the figures, India's exports of goods amounted to US$36.92 billion in January 2024, registering a year-on-year increase of 3.13%. This upward trend persisted in February 2024, with goods exports valued at US$41.40 billion, marking a substantial year-on-year increase of 11.86%. March 2024 saw goods exports slightly rise to US$41.68 billion, reflecting a modest year-on-year increase of 0.67%.
- Conversely, India's services exports demonstrated a contrasting pattern. January 2024 recorded services exports worth US$32.80 billion, showcasing a remarkable year-on-year increase of 17.14%. This growth trajectory continued in February 2024, with services exports amounting to US$32.15 billion, reflecting a robust year-on-year increase of 17.34%. However, in March 2024, services exports declined to US$28.54 billion, marking a notable year-on-year decrease of 6.24%.
On the import front:
- India's total imports of goods and services followed a varied trajectory during Q1 2024. In January 2024, imports totaled approximately US$70.46 billion, showing a year-on-year increase of 4.15%. February 2024 witnessed a further increase, with imports reaching approximately US$75.50 billion, reflecting a year-on-year increase of 10.13%. However, in March 2024, imports dipped to approximately US$73.12 billion, marking a significant year-on-year decrease of 6.11%.
- Analyzing goods imports specifically, January 2024 saw imports valued at US$54.41 billion, representing a year-on-year increase of 2.99%. February 2024 continued this upward trend, with goods imports reaching US$60.11 billion, reflecting a notable year-on-year increase of 12.19%. March 2024, however, witnessed a decline in goods imports to US$57.28 billion, marking a significant year-on-year decrease of 5.98%.
- Conversely, India's services import situation showed a mixed pattern. January 2024 recorded services imports worth US$16.05 billion, indicating a year-on-year increase of 8.23%. This was followed by a decrease in February 2024, with services imports amounting to US$15.39 billion, marking a year-on-year decrease of 4.11%. March 2024 saw a slight increase in services imports to US$15.84 billion, reflecting a year-on-year increase of 2.92%.
Moreover, it's noteworthy that Blooming Trade Data’s India (Weekly Update) Data updates its database every 3-5 days, providing timely insights into the import and export trade landscape. With comprehensive information including product details and contact information of involved parties, this database enables swift analysis and understanding of India's trade dynamics, facilitating the identification of potential customers and market needs.
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