NEW DELHI: India’s total exports (merchandise and services combined) for November 2024 is estimated at USD 67.79 billion, registering a positive growth of 9.59 percent vis-à-vis November 2023. Total imports (merchandise and services combined) for November 2024 is estimated at USD 87.63 billion, registering a positive growth of 27.47 percent vis-à-vis November 2023, according to a release by the Ministry of Commerce & Industry on Monday.
The latest data for services sector was released by RBI is for October 2024. The data for November 2024 is an estimation, which will be revised based on RBI’s subsequent release. Data for April-November 2023 and April-June 2024 has been revised on pro-rata basis using quarterly balance of payments data.
India’s total exports during April-November 2024 is estimated at USD 536.25 billion registering a positive growth of 7.61 percent. Total imports during April-November 2024 is estimated at USD 619.20 billion registering a growth of 9.55 percent.
Marking a major shift in India’s trade, services exports are projected to overtake goods shipments in November. After months of sustained increase, last month’s services exports have been provisionally estimated at $35.7 billion, compared with $32.1 billion of merchandise or goods exports.
“Services are doing well, and we expect exports to reach $1 trillion in the coming years,” said commerce secretary Sunil Barthwal. Typically, the commerce department puts out an estimate or a projection for services the previous month.
