New Delhi: India’s overall exports increased by over 20 per cent year-on-year for the first three weeks of April compared to the same period of the previous year, despite the supply chain disruptions and uncertainties in global markets caused by the Middle East conflict, the Ministry of Commerce and Industry announced on Thursday.
The major products for which the exports have significantly increased during the period from April 1 to 21 are petroleum products and electronic goods, the statement said.
Petroleum products such as diesel and jet fuel are exported from the coastal refineries in India and appear to have found an increased demand due to the disruption caused by the closure of the Strait of Hormuz, through which the Gulf countries send out a major chunk of their exports. The disruption in supply has triggered a rise in prices of both crude oil and petroleum products in global markets.
India has emerged as a major exporter of electronics goods, with companies such as tech giant Apple setting up manufacturing facilities in the country.
Commerce and Industry Minister Piyush Goyal also said: “There is an increase in exports during the first three weeks of April. Despite the war in West Asia, there is tremendous enthusiasm among domestic exporters.”
He also said that free trade agreements finalised by India would give a huge boost to the domestic industry. On exports to West Asia, he said the consignments are going through different routes because the Strait of Hormuz is “still a challenge”.
Between 2016 and 2024, electronics exports increased nearly fivefold, reaching $42.1 billion. With global electronics trade valued at $4.6 trillion, the sector represents one of the largest and fastest-evolving segments of the world economy. India has demonstrated particular strength in products such as mobile phones, consumer electronics, and communication equipment, with exports increasingly directed towards major final-consumption markets including the United States, the United Kingdom, and the UAE, according to a NITI Aayog report.
Electronics have become a cornerstone of India’s manufacturing and export transformation. Now the second-largest item in India’s export basket, the sector is both technology-led and deeply interconnected with industries such as automotive, renewable energy, telecom, defence, and digital services, making it a powerful multiplier for industrial growth.
This transition is supported by targeted policy measures, including the Union Budget’s Rs 40,000 crore allocation under the Electronics Components Manufacturing Scheme, aimed at strengthening domestic capabilities.
(IANS)
