According to a report by the think tank Global Trade Research Initiative (GTRI), India’s e-commerce exports could potentially soar to $350 billion by 2030. The report highlights that this sector has the capability to grow faster than India’s IT exports did in the early 2000s. Despite this promising potential, current e-commerce export figures remain significantly lower than expected.

In the first quarter of the fiscal year 2025, Indian exports demonstrated resilience, according to a recent report. Key sectors such as pharmaceuticals, engineering goods, organic and inorganic chemicals, and readymade garments showed positive growth. This trend highlights the strength of core export goods despite challenges in other areas.

The latest data released by the commerce and industry ministry on Wednesday highlighted the impact of weak global demand, particularly in Western countries, contributing to India's trade deficit reaching a four-month high.

While commercial vehicle, two-wheeler, and three-wheeler shipments saw declines, passenger vehicle exports managed a marginal growth of 1.4% in FY24. Maruti Suzuki led the passenger vehicle segment with significant exports, followed by Hyundai Motor India, Kia Motors, Volkswagen India, Nissan Motor India, and Honda Cars.

The report highlights a significant surge in global exports of digitally delivered services, which reached a staggering $4.25 trillion in 2023, marking a robust 9% year-on-year growth. This accounted for a substantial 13.8% of world exports of goods and services.

On Tuesday, the Directorate General of Foreign Trade (DGFT) permitted exports of up to 1,000 tonnes of Kalanamak rice through specified customs stations.

The exporting sector, particularly, MSMEs, needs easy and low-cost credit, and marketing support to further boost the country's exports, Kumar said, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments.

Despite the challenges posed by the geopolitical crisis in the Red Sea region, India's overall trade deficit improved by 37.80% from April-February 2022-23 to April-February 2023-24, falling to $72.24 billion. The merchandise trade deficit decreased by 8.43% to $225.20 billion during the same period.

In a statement on Friday, Solvent Extraction of India (SEA) said the export of oilmeals in February stood at 515,704 tonne as compared to 4,71,770 tonne in the year-ago period.

"Export of natural honey is free. Minimum export price (MEP) of USD 2,000 per metric ton is imposed till December 31, 2024, or until further orders, whichever is earlier," the Directorate General of Foreign Trade said in a notification.

The Indian Railways has partnered with Ramakrishna Forgings Ltd to establish a manufacturing facility for forged wheels in Gummidipoondi, Tamil Nadu, with an initial investment of Rs 650 crore. The plant is expected to have a production capacity of 2.5 lakh wheels, out of which 80,000 will be utilized domestically, and the remaining 1.70 lakh wheels will be exported.

"I am happy to share with you that we close the current year in March at the same level as last year. We have a little bit of an adjustment between goods and services, but collectively we will be at the same level as last year, which will be a very, very significant achievement given that most developing countries and less developed countries are seeing a fall in their international trade," said Goyal.