BRICS member India is on pace to hit its $800 billion exports target by the end of 2024, following a record-breaking month in October. Indian Commerce Secretary Shri Sunil Barthwal shared the updated target status with the Ministry of Commerce and Industry this week, revealing that overall exports jumped by over 19 percent last month, reaching a record $39.2 billion. Additionally, services exports saw a 21 percent rise.
India has made significant gains in trade and exports over the last year. Just last month, the BRICS member surpassed Saudi Arabia to become Europe’s top fuel supplier. Its oil exports have seen great success as sanctions remain on Russian products. Secretary Shri Sunil Barthwal shared confidence in reaching the $800B export milestone following the reveal of India’s exports from April 2024 to the present. Indeed, from April to October, India recorded its highest-ever non-petroleum exports. Total exports for the period stand at approximately $468.27 billion, a 7.28 percent increase year-on-year. “If we continue in this manner, we will undoubtedly surpass the US$800 billion target this fiscal year, setting new records for India’s export achievements,” he said this week.
Furthermore, engineering goods exports from India rose by over 39 percent during that time. Electronic goods exports climbed 45 percent, and organic and inorganic chemicals by 27 percent. In addition, rice exports soared by more than 85 percent, pumped by recent export controls aimed at ensuring food security in the region. Labor-intensive sectors have also flourished, with textile and readymade garment exports increasing by over 35 percent.
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Despite Export Success, BRICS Member India Still Faces Struggles
Despite the positive notes around Indian exports, the BRICS member’s native currency has struggled of late. The Indian rupee has fallen to a new all-time low against the US dollar in the currency market this month. The drop comes after former US President Donald Trump won the US election for a second time, securing another 4-year term in office. His win caused the US dollar to climb in the indices, after a string of months that saw the greenback weaken compared to the Indian Rupee and other currencies.
As a result of these recent climbs from the greenback, India has been working feverishly to dump the US dollar to protect the Rupee. Reports emerged last week that the Reserve Bank of India (RBI) and other BRICS members began dumping the dollar following Trump’s win to protect their currencies.
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The BRICS bloc has also changed its tone on the US dollar, saying that while it is developing a rival currency, it is not looking to crush the US dollar altogether. Russian President Vladimir Putin confirmed this month that there is no need to ditch the US dollar, although it has weakened at the hands of its origin country.