Electronics and pharma top Indian exports in April-Nov

Indian exports in 2024 are likely to be influenced by global factors such as the Red Sea crisis

- Rhik Kundu

Electronic goods, drugs and pharmaceuticals, and iron ore have emerged as standout sectors in the country’s export basket amid a slowdown in global trade.

However, other prominent export segments such as gems and jewellery, petroleum products, and engineering goods, either registered a sharp decline or remained unchanged.

The global economy has been grappling with rising inflation and high interest rates, particularly in Europe and the US, India’s biggest export markets. That said, there have been signals that some of these factors might ease this year.

India's trade performance in 2024 will be influenced by other global events such as the Red Sea impasse, and expensive crude oil on account of the continuing Russia-Ukraine war, said Ajay Srivastava, co-founder of economic think tank Global Trade Research Initiative.

Other factors include US-China trade tensions, and the European Union’s Carbon Tax and Forest regulations that can make exports to the region difficult.