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India's exports of electronic goods, pharmaceuticals, and engineering products saw strong growth in the 2023-24 fiscal year, despite the global economic slowdown. [1][2][3][4][5] These labor-intensive sectors were major drivers of India's overall merchandise exports, which reached $437.06 billion, even as total exports declined slightly from the previous year.
[1][2][3] The robust performance of these key industries underscored the resilience and adaptability of Indian exporters in the face of challenging global market conditions, including geopolitical tensions and tight monetary policies. [1][3][5] The growth in these high-value sectors helped offset the overall contraction in merchandise exports, contributing to a significant reduction in India's trade deficit during the fiscal year. [1]
Citations:
[1] https://www.hindustantimes.com/india-news/indias-overall-exports-hit-record-776-7-bn-in-fy24-101713208287878.html
[2] https://ipfonline.com/news/detail/policyregulation/indias-electronics-pharma-engineering-goods-see-rise-in-export-value-fy24/15890
[3] https://cargoinsights.co/engineering-electronics-pharma-lead-indias-export-growth-amid-global-trade-challenges/
[4] https://dst.news/news/electronic-goods-engineering-goods-drugs-pharmaceuticals-exports-of-india-beat-global-trade-slowdown-during-fy24/
[5] https://steelbazaar.com/news/indias-electronics-engineering-goods-exports-beat-global-trade-slowdown-during-fy24
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