New Delhi, Aug 19 2024-
India saw an uptick in outbound shipments from several sectors in July, led by electronic goods, meat, dairy and poultry products and oil meals, a report said on Monday.
Electronic goods (37.3 per cent), meat, dairy and poultry products (56.2 per cent), oil meals (22 per cent), readymade garments (11.8 per cent), spices (13 per cent) and tea (21.8 per cent) — all of which logged strong export growth (year-on-year), according to a Crisil report.
Dairy and poultry products surged 56.2 per cent compared with a negative 13.9 per cent growth in the previous month.
However, categories such as gems and jewellery, ceramic products and glassware, organic and inorganic chemicals and rice witnessed a contraction.
Among other core export goods, exports of manmade yarn and fabrics (3.9 per cent against 2.8 per cent) were higher than in June.
“The labour-intensive sectors displayed resilience. Growth in carpets, handicrafts, manmade yarn and fabrics was stronger than in the previous month,” said the report.
The report further mentioned that exports of leather and leather products clocked 2.3 per cent growth on-year for the first time since November 2022.
Exports of readymade garments was also robust at 11.8 per cent compared with 3.7 per cent in the previous month.
The growth in rice and fruits and vegetables was moderate compared with the previous month because of an unfavourable base.
“With rainfall improving in July, sowing of kharif crops is improving and hence production is expected to pick up. Especially, with the build-up of rice inventories, exports are expected to pick up in the coming months,” the report mentioned.
Spices, tea and tobacco grew at a faster pace than in the previous month. Exports of spices picked up after contracting in May on account of pesticide-related issues.
Exports in marine products are expected to pick up on account of the reduction in basic customs duty (BCD), the Crisil report mentioned. (Agency)
