18% exports growth likely in 2024
Services sector may perform better than merchandise segment
image for illustrative purpose
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 grow 17.80 per cent to 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.
