India's textile and apparel sector has posted a remarkable growth in exports during the first half of FY 2024-25, with total exports reaching USD 21,358 million, marking a 7 per cent increase compared to the same period last year.
In Q3 of 2024, Qatar recorded a merchandise trade balance surplus (difference between total exports and imports) of QR 57.7 billion down from QR 60.9 billion in Q3 2023.
India's tobacco exports are projected to grow by over 8 per cent this year, crossing Rs 13,000 crore, according to a senior government official. In 2023-24, outbound shipments stood at Rs 12,005.89 crore.
Export volumes surged from 218.84 million kg in 2019-20 to 315.51 million kg in 2023-24, bolstered by effective government policies and the Tobacco Board's relentless efforts. India, the second-largest tobacco producer globally, has maintained its dominance in the export market.
The two-wheeler segment faced headwinds in the domestic market, where sales fell by 19 per cent to 1,28,335 units from 1,58,370 units in December 2023.
India's pharmaceutical exports soared from over USD 15 billion to USD 28 billion in the decade ending FY24, powered by initiatives like the Production Linked Incentive (PLI) and Bulk Drug Parks.
CITI Chairman Rakesh Mehra highlighted the significance of the US market, and said, "USA accounts for about 27 per cent of India's T&A exports. During the last 5 years, India's exports to USA have increased at a CAGR of about 3.3 per cent. It would require our exports to grow at a CAGR o
India's current account deficit (CAD) widened slightly to USD 11.2bn (1.2% of GDP) in Q2 from USD 10.2bn (1.1% of GDP) in the previous quarter. However, there was a Balance of Payments (BoP) surplus of USD 23.8 billion was there in the first half (H1).
Resilient services exports and remittance inflows are likely to cushion the overall impact, keeping the CAD for FY25 within a manageable range of 1.2 per cent-1.5 per cent of GDP.
In a telephonic conversation, the official told ANI, "There is no shortage of rice in Bangladesh at this moment. However, due to recent severe floods, the government has decided to import rice in order to avoid the crisis in the future."