Demand uptick, easing inflation in developed mkts to provide silver lining for exports in 2024

New Delhi: Easing inflation in developed countries, softening interest rates, a gradual pick up in global demand and other factors will provide a silver lining for the country’s exports and the overall outbound shipments are expected to be more than $900 billion in 2024.

International trade experts have expressed hope that the services sector would perform better than merchandise and the country’s overall outbound shipments may touch over $900 billion in 2024 against an estimated $764 billion in 2023.

A stable rupee against the US dollar, focus on new markets like Latin America and Africa, new items like mobiles and fresh fruits, focus on promoting e-commerce exports, free trade agreements with the UAE and Australia would also help the country register healthy growth in outbound shipments next year.

Despite various challenges, including geopolitical tensions and China’s subdued post-pandemic recovery, impacting exports this year, India’s goods and services exporters have managed to tap opportunities in developed as well developing economies. The current year started with negative growth in exports, with the decline touching about 19 per cent in June but the decline narrowed down to 2.83 per cent in November 2023.

An official said goods exports rose 6.21 per cent in October “and going forward, this trend will continue in 2024 also and along with goods, services exports too are

growing”.

Electrical and electronics, machinery, automobile and auto components, high tech products, pharmaceuticals, medical and diagnostic equipment exports are likely to go further in 2024.

Experts suggested focusing on new products and new destinations to give push to exports of goods and services.