India’s export industry is on track to surpass USD 814 billion in 2024, reflecting a growth rate of 5.58%, as per a report by the Global Trade Research Initiative (GTRI). In 2023, exports, including goods and services, totaled USD 768.5 billion.
The report outlines that merchandise exports are expected to grow modestly to USD 441.5 billion, a 2.34% increase from the previous year. Meanwhile, service exports are anticipated to rise by 10.31% to USD 372.3 billion, highlighting a shift towards higher-value sectors like machinery and electronics.
Despite these gains, traditional sectors such as textiles and garments, as well as gems and jewellery, are witnessing a decline. Challenges lie ahead as global trade remains sluggish due to slow economic recovery and geopolitical tensions, including the Russia-Ukraine war and Israel-Hamas conflict, impacting supply chain stability.