India’s trade momentum remains strong despite global challenges: Unctad

India’s trade performance remained robust in 2024, defying global economic uncertainties. According to the latest report by the United Nations Conference on Trade and Development (Unctad), India’s exports grew by 6.3% for the calendar year, significantly outpacing the global trade growth rate of 3.7%.

India, along with the US and China, played a crucial role in driving global trade, which increased by nearly US$1.2 trillion, as reported. While trade in goods recorded modest growth, the services sector led the surge, contributing US$700 billion to global trade expansion, compared to US$500 billion from goods.

India’s total exports of goods and services reached a record US$817.4 billion in the 2024 calendar year, up from US$769 billion in 2023. This marks a significant leap in the country’s external trade performance. The first three quarters of the 2024-25 financial year witnessed record-breaking exports, with the third quarter achieving the highest export levels ever recorded.

Despite ongoing global challenges, such as supply chain disruptions and economic slowdowns in key markets, India’s trade resilience is evident. The steady growth in both goods and services exports underscores the country’s strengthening position in global trade and its adaptability to changing economic conditions.

The Unctad report notes that trade remained stable in early 2025; however, increasing geoeconomic tensions, protectionist policies, and trade disputes indicate potential disruptions ahead. Trade data trends reveal that global trade imbalances widened in 2024, approaching levels last seen in 2022. The US continued to report the largest trade deficit, while China maintained the highest trade surplus, with both trends intensifying throughout the year.

Source: Live Mint