India’s merchandise exports in October rose by an impressive 17.25%, the highest in over two years, to USD 39.2 billion.
The trade deficit was widened to USD 27.14 billion. Imports increased by 3.9% to USD 66.34 billion in October compared to USD 63.86 billion in the year-ago period.
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As per the government data, the trade deficit during April-October 2024 was USD 164.65 Billion as compared to USD 149.67 Billion last year.
Further, the total exports (Merchandise and Services combined) for October 2024 is estimated at USD 73.21 Billion, registering a positive growth of 19.08% vis-à-vis October 2023 while the total imports is estimated at USD 83.33 Billion, registering a positive growth of 7.77% vis-à-vis October 2023.
For October, the estimated value of services export is USD 34.02 Billion and imports is USD 17 Billion.
The services trade surplus for April-October is USD 101.41 Billion as compared to USD 89.64 Billion for the same period in the last year, the data said.
Non-petroleum and non-gems & jewellery exports in October were USD 31.36 Billion while the imports were USD 39.21 Billion.
While speaking on the data, Commerce Secretary Sunil Barthwal said, “This has been an extremely good month for exports…If we continue in this manner, we will cross USD 800 billion of exports (goods and services together) this (fiscal) year.”
Government’s strategy to focus on six sectors — engineering, electronics, pharma, chemicals, plastics and agriculture — as well as 20 countries is yielding positive results, he added.
Barthwal also said that they are holding a series of meetings with Indian missions abroad to promote shipments.
“We are formulating strategies to promote exports in these focus countries and I am sure that the strategy will help us in showing excellent results by the end of this year,” he added.
As per the government data, for October, the top 5 export destinations, in terms of change in value, exhibiting positive growth are Singapore (197.39%), UAE (43.32%), USA (11.47%), UK (42.12%) and Australia (60.41%).
