Services Exports Overtake Goods Exports

In a major shift, India’s services exports overtook goods shipments in November 2024. Services exports have been estimated at $35.7 billion, compared with $32.1 billion in goods exports. Software services accounted for 47% of the total exports with nearly 70% headed towards the US.

IT and IT-enabled services, business services, maritime services, tourism, audio visual, gaming and related services and digitally delivered health and education are the special focus services identified by the Commerce Department.

India's merchandise trade deficit reached $37.8 billion in November, driven by a 331% rise in gold imports, as goods exports fell 4.9% year-on-year to $32.1 billion, while overall imports surged to $69.95 billion.