(MENAFN- KNN India)
New Delhi, Jan 1 (KNN)
India's total exports of goods and services are projected to surpass USD 814 billion in 2024, marking a 5.58 percent increase from USD 768.5 billion in 2023, according to a recent report by the Global Trade Research Initiative (GTRI).
This growth trajectory reflects significant structural changes in India's export composition, with technology sectors gaining prominence while traditional industries show declining shares.
The services sector emerges as the primary growth driver, with exports expected to reach USD 372.3 billion in 2024, representing a robust 10.31 percent increase from the previous year's USD 337.5 billion.
Merchandise exports, however, show more modest growth, projected to reach USD 441.5 billion, up 2.34 percent from USD 431.4 billion in 2023.
GTRI Founder Ajay Srivastava notes a significant transformation in India's export landscape, particularly in high-value sectors.
Machinery exports have nearly doubled their share of the export basket to 6.9 percent in 2024 from 3.8 percent in 2014, while electronics have seen an even more dramatic rise to 7.9 percent from 3.3 percent during the same period, indicating India's growing technological capabilities.
However, traditional export strongholds have experienced notable declines. The textiles and garments sector, which once commanded 21.1 percent of exports in 2004, has significantly diminished to just 8 percent in 2024.
Similarly, the gems and jewellery sector has seen its share contract from 16.9 percent to 7.5 percent over the same period, highlighting challenges in maintaining competitiveness in labor-intensive industries.
Looking ahead, Srivastava warns of considerable challenges facing Indian exports in the coming year.
Global trade growth remains subdued due to slow economic recovery in developed markets, while geopolitical tensions, including the Russia-Ukraine war and the Israel-Hamas conflict, create additional uncertainties.
The situation is further complicated by ongoing disruptions in Red Sea shipping routes, which continue to impact global supply chains and trade flows.
(KNN Bureau)
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