India’s trade landscape continues to adapt to global opportunities and challenges, with total trade reaching $576 billion in the first half (H1) of 2024, marking a year-on-year (y-o-y) increase of 5.45%, according to the NITI Aayog Trade Watch report released on Wednesday.

Exports climbed by 5.41% y-o-y to $231 billion, while imports rose by 5.48% to $345 billion, reflecting steady growth despite a widening trade imbalance. In Q1 FY25 (April-June), merchandise exports grew by 5.95% to $110 billion, and imports surged by 8.40% to $173 billion, driven by high-value commodities such as aircraft, mineral fuels, and vegetable oils.

The report noted significant declines in key sectors, with iron and steel exports plummeting 33%, largely attributed to weak domestic demand and overcapacity in China. Additionally, exports of natural and cultured pearls also saw a decline.

Services exports, however, delivered a promising surplus, contributing positively to the trade balance. The 40-page report provides a comprehensive overview of India’s trade dynamics, analyzing global demand-supply trends, sectoral performances, and emerging opportunities.

As India’s trade performance demonstrates moderate yet stable growth, the report underscores the need for strategic focus on high-potential sectors to further strengthen the country’s trade position in a rapidly evolving global economy.