CARGOCONNECT-APRIL2025 - Flipbook - Page 6
India’s air cargo market
outperformed overall world
air cargo growth in 2024.
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Over the next 昀椀ve years, India’s cargo tra昀케c is projected
to grow from approximately 3.7 Million Tonnes (MT) to
between 5 and 5.8 MT, re昀氀ecting an annual growth rate
of 6-9%. International air cargo is expected to outpace
domestic cargo growth during this period. According to
a report by Trade Data Service, international air cargo currently
accounts for about two-thirds of the total air cargo handled at
Indian airports.
As of March 2025, the combined 昀氀eet size of major
Indian airlines is approximately 847 aircraft. IndiGo,
the largest carrier, operates around 437 aircraft and
plans to expand its 昀氀eet to over 600 by 昀椀scal year
2030. Air India currently has a 昀氀eet of 201 aircraft
and is in discussions to acquire 30 to 40 additional wide-body
jets from Airbus and Boeing. Akasa Air operates 27 aircraft and
aims to double its 昀氀eet in the next 16 to 20 months. Low-cost
regional airline, Zooom Air has a 昀氀eet of 5 aircraft and plans to
expand to 20 in the coming years.
India’s GDP is projected to grow by 6.5% in FY 202425, according to the National Statistical O昀케ce’s (NSO)
Second Advance Estimates. The GDP growth in
Quarter 3 was 6.2%, rebounding from 5.6% in Quarter
2, primarily due to higher private consumption and
increased government spending. The sectors driving this growth
include construction, trade, and 昀椀nancial services.
According to data from the Ministry of Finance,
India’s Imports increased by 5.7% to US$656.7
billion during April 2024 to February 2025, driven by
higher demand for gold, electronics, and petroleum.
However, overall imports in February 2025 fell by
16.3%, leading to a narrowing of the trade de昀椀cit. The decline
was primarily attributed to signi昀椀cant drops in oil and gold
imports. On the other hand, imports of electronic goods and
machinery remained robust, reflecting continued domestic
investment demand.
As per the Finance Ministry, exports grew marginally
by 0.1% to US$395.6 billion from April 2024 to
February 2025. However, merchandise exports
declined by 10.9% Year-on-Year (YoY) in February,
largely due to base e昀昀ects and weaker global demand.
The top-performing export sectors included electronics, rice,
6 | CARGOCONNECT APRIL 2025
and ores, while weak export sectors were petroleum products,
engineering goods, chemicals, and gems and jewellery.
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The Government e Marketplace (GeM) has reached
a signi昀椀cant milestone by surpassing `5 lakh crore
in Gross Merchandise Value (GMV) on its portal,
achieving this feat more than 18 days before the
close of the 昀椀nancial year 2024-25. Notably, the jump
from `4 lakh crore to `5 lakh crore occurred in less than 50
days after crossing the previous benchmark on January 23,
2025. Over 22 lakh sellers and service providers are registered
on GeM as of February 2025, contributing to a diverse and
competitive procurement ecosystem.
As per the latest data from the Observatory of
Economic Complexity (OEC) available until November
2024, Belgium exported €298 million and imported
€255 million from India, resulting in a positive
trade balance of €42.9 million. Compared to 2023,
Belgium’s exports to India increased by €54.4 million (22.3%),
from €243 million to €298 million. At the same time, imports
from India decreased by €74.7 million (-22.7%), from €330
million to €255 million.
Top exports from Belgium to India were precious
stones, metals, and pearls (€215 million), machinery
and mechanical appliances (€27.8 million), organic
chemicals (€13.9 million), plastics and articles (€12.6
million), and iron and steel (€12.4 million). On the
other hand, Belgium’s top imports from India included precious
stones, metals, and pearls (€290 million), organic chemicals
(€38.5 million), pharmaceutical products (€27.8 million), iron
and steel (€10.5 million), and machinery and mechanical
appliances (€9.89 million).
According to OEC data recorded until 2023, New
Zealand exported US$369 million worth of goods
to India. Over the past five years, New Zealand’s
exports to India have decreased at an annualised
rate of 11.9%, dropping from US$693 million in
2018 to US$369 million in 2023. On the other hand, in 2023,
India exported US$682 million to New Zealand. Over the past
昀椀ve years, India’s exports to New Zealand have grown at an
annualised rate of 3.1%, increasing from US$534 million in 2018
to US$682 million in 2023.
