“India’s October Exports Soar to $33.57 Billion; Trade Deficit Shrinks: Key Sectors Drive Growth”
India witnesses a notable 6.21% surge in merchandise exports, totaling $33.57 billion in October. The government data reveals reduced trade deficit at $31.46 billion for the month, signaling positive growth in sectors like pharmaceuticals, engineering, and electronics, contributing significantly to the export boost.
India experienced a notable surge in merchandise exports, marking a 6.21% increase to $33.57 billion in October, as revealed by government data. This growth coincided with a reduced trade deficit of $31.46 billion for the month, according to statistics released by the Ministry of Commerce and Industry.
Government figures further indicated a positive trend in services exports, reaching $192.65 billion from April to October this year, surpassing the $181.37 billion recorded in the same period last year. Impressively, the overall trade deficit from April to October decreased by 35.86%, totaling $57.64 billion compared to $89.86 billion in the previous year.
During this period, the merchandise trade deficit also showcased improvement, dropping from $167.14 billion in April-October 2022 to $147.07 billion in April-October 2023. The data spotlighted a remarkable 11.74% rise in non-petroleum and non-Gems & jewellery exports, surging from $21.99 billion to $24.57 billion in October 2023.
Several key sectors contributed significantly to this export growth. Pharmaceuticals and drugs saw a notable surge of 29.31%, escalating from $1.87 billion in October last year to $2.42 billion in October 2023. Additionally, engineering goods recorded a growth of 7.2%, reaching $8.09 billion in October this year from $7.55 billion in the same period last year.
The electronic goods sector also exhibited robust growth, with exports surging by 28.23% to $2.38 billion in October 2023 compared to $1.85 billion in October last year. These encouraging figures reflect the substantial contribution of various industries like drugs & pharmaceuticals, engineering goods, and electronic goods to India’s export growth.
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