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Indian engineering goods, electronic goods, and pharmaceutical items showed an increase in their yearly export value in FY24, a year when high global interest rates slowed demand and geopolitical conflicts raised energy prices.
Now that the World Trade Organisation (WTO) anticipates a steady recovery in global trade in commodities and merchandise, these industries, along with iron ore, are anticipated to propel exports in FY25.
Data from the Ministry of Commerce indicates that during FY24, the value-added export of engineering goods—which accounted for around 25% of the total export basket—grew by roughly 2.14% yearly.
The second-largest industry in the export basket, petroleum products, saw exports fall 11.8% during the same time, accounting for 18.6% of the total.
Electronic goods and pharmaceuticals, together contributing about 14% of India's export basket, saw annual growth of 23.5% and 9.73%, respectively, during FY23.
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