In October 2023, India’s combined exports of merchandise and services reached an estimated $62.26 billion, marking a remarkable 9.43 per cent growth compared to the same period in 2022, the data provided by the Narendra Modi government on Wednesday said. The corresponding figures for imports also reflect a positive trend, with an estimated $79.35 billion and an 11.10 per cent growth over October 2022. According to government data, merchandise exports in October 2023 experienced a growth of 6.21 per cent, totalling $33.57 billion compared to $31.60 billion in October 2022.
Additional key insights from the government’s data release include:
Services Export Growth: The estimated services export for April-October 2023 stands at $192.65 billion, exhibiting a 6.22 per cent growth from $181.37 billion in the same period of 2022.
Trade Deficit Improvement: The overall trade deficit from April to October 2023 has decreased by 35.86 per cent, reducing from $89.86 billion in 2022 to $57.64 billion in 2023. The merchandise trade deficit also shows improvement, declining from $167.14 billion in April-October 2022 to $147.07 billion in the same period of 2023.
Non-Petroleum and Non-Gems & Jewellery Exports: This category experienced a notable 11.74 per cent increase, rising from $21.99 billion in October 2022 to $24.57 billion in October 2023.
Export Growth Contributors: Significant contributors to export growth in October 2023 include drugs and pharmaceuticals, engineering goods, electronic goods, cotton yarn/fabrics/made-ups, handloom products, iron ore, ceramic products & glassware, and meat, dairy & poultry products.
Sector-Specific Growth:
* Drugs and pharma exports surged by 29.31 per cent in October 2023, reaching $2.42 billion from $1.87 billion in October 2022.
* Engineering goods exports recorded a growth of 7.2 per cent, increasing from $7.55 billion in October 2022 to $8.09 billion in October 2023.
* Electronic goods exports witnessed a substantial growth of 28.23 per cent, totalling $2.38 billion in October 2023 compared to $1.85 billion in October 2022.
* Agricultural exports continued their upward trajectory in October 2023, with notable growth in cereal preparations and miscellaneous processed items (40.95%), oil seeds (29.7%), fruits & vegetables (24.48%), oil meals (17.32%), spices (10.78%), coffee (8.45%), tea (4.12%), and cashew (3.29%).
