India’s total exports of goods and services in 2024 are projected to exceed Rs 69,58,886 crore ($814 billion), which represents a 5.58 per cent increase compared to the corresponding figure of Rs 65,69,907 crore ($768.5 billion) in 2023, according to figures compiled by Global Trade Research Initiative (GTRI).
This growth is driven by a robust 10.31 per cent rise in services exports to Rs 31,82,793 crore ($372.3 billion), while merchandise exports are expected to grow at a more modest pace of 2.34 per cent to Rs 37,74,384 crore ($441.5 billion) amid global geopolitical uncertainties such as the Israel-Hamas conflict and the Ukraine-Russia war.
The report highlights India’s evolving export landscape, with high-value sectors like electronics and machinery gaining a bigger share in the export basket since 2014 while traditional sectors such as garments and textiles are witnessing a decline.
“These trends underscore India’s growing capabilities in higher-value sectors, a necessary shift for long-term export resilience,” said GTRI founder Ajay Srivastava.
Sectors such as machinery and electronics are gaining prominence, with machinery’s share in the export basket rising to 6.9 per cent in 2024 from 3.8 per cent in 2014 and electronics climbing to 7.9 per cent in 2024 from 3.3 per cent in 2014, according to the figures.
Textiles and garments, which accounted for 21.1 per cent of exports in 2004, now represent just 8 per cent, while gems and jewellery have dropped from 16.9 per cent in 2004 to 7.5 per cent in 2024.
The decline in traditional sectors like textiles, garments, gems and jewellery is attributed to changes in global demand for these products as well as competitiveness challenges in labour-intensive industries.
Indian exports face challenges amid sluggish global trade growth due to slow economic recovery in developed markets and geopolitical tensions. Disruptions in shipping routes due to attacks in the Red Sea region add a further risk to exports.