The global export market has experienced notable shifts and developments throughout 2024, impacting various sectors, including defense, meat, and gems. Experts point to these changes as pivotal for countries seeking to bolster their economies by enhancing export capacities.
India's defense sector, for example, witnessed remarkable growth, with indigenous defense production reaching ₹1.26 lakh crore, largely due to government initiatives aimed at maximizing contracts with local vendors under the 'Make in India' initiative. This 16.7% increase was largely attributed to enhanced defense exports, totaling ₹21,083 crore for the year. The increasing global turmoil has fueled this trend as India's private sector invests heavily to boost production capacity.
Defense exports saw significant contributions from new ammunition manufacturing plants; at least seven new facilities are set to launch across the country, targeting the European market amid depleting reserves due to the Ukraine-Russia conflict. The 32.5% increase in defense exports reflects the export of various platforms, including armored infantry combat vehicles, multiple barrel rocket launchers, and missiles.
Aside from ammunition, India has been ramping up its combat capabilities with several notable inductions, including the advanced Arihant class nuclear missile submarine and the latest stealth frigate, INS Tushil, manufactured in Russia. The navy's procurement strategy also led to significant acquisitions, such as 31 MQ-9B Sky Guardians, emphasizing the importance of upgrading military capabilities amid geopolitical uncertainties.
Despite reaching agreements with China to reduce tensions along the Eastern Ladakh border, the defense ministry emphasizes capacity enhancement as key to sustaining security measures. The focus for 2025 will be to accelerate procurement processes, especially for new weapon systems.
Meanwhile, the United States' meat exports, particularly for beef and pork, are projected to have their second-highest year on record, with values reaching approximately $10.6 billion for beef and $8.6 billion for pork. Latin America played a significant role in driving this growth. Looking forward to 2025, U.S. Meat Export Federation president and CEO, Dan Halstrom, expressed optimism about sustaining this momentum, pointing to previous positive agreements made under the Trump administration.
Halstrom highlighted Central America as showing strong potential for continued growth, alongside Southeast Asia and certain regions of Africa, where markets are still developing. The relentless efforts of the U.S. Meat Federation to identify new markets is indicative of the industry's adaptability and ambition.
Finally, Sri Lanka's government is also pushing for greater export opportunities, particularly within the gem industry. At the FACETS Sri Lanka gem and jewellery exhibition, President Anura Kumara Dissanayake emphasized the importance of gem exports for improving foreign reserves. The event showcased high-value items, including yellow sapphires worth Rs. 50 million, drawing significant international attention.
Export strategies across the globe are increasingly intertwined with local economic policies, as countries aim to expand markets and bolster their economies. Whether through military enhancements or agricultural achievements, the export performance of 2024 indicates promising trends for various sectors as they adapt to global demands and challenges.