In October 2023, India’s combined exports of goods and services are estimated to reach USD 62.26 billion, reflecting a positive growth rate of 9.43% compared to October 2022. Similarly, the overall imports for the same period are projected to be USD 79.35 billion, indicating a positive growth of 11.10% over the corresponding period last year.
Merchandise exports in October 2023 showed a growth of 6.21%, reaching USD 33.57 billion, a notable increase from USD 31.60 billion in October 2022. The estimated services exports for April-October 2023 stand at USD 192.65 billion, projecting a growth rate of 6.22% compared to the same period in 2022.
The overall trade deficit during April-October 2023 has decreased significantly by 35.86%, dropping from USD 89.86 billion in 2022 to USD 57.64 billion in 2023. Moreover, the merchandise trade deficit has improved from USD 167.14 billion in April-October 2022 to USD 147.07 billion in April-October 2023.
Non-petroleum and non-Gems & Jewellery exports experienced a substantial increase of 11.74%, rising from USD 21.99 billion in October 2022 to USD 24.57 billion in October 2023.
Key contributors to the export growth in October 2023 include the sectors of Drugs & Pharmaceuticals, Engineering Goods, Electronic Goods, Cotton Yarn/Fabs./made-ups, Handloom Products, Iron Ore, Ceramic products & glassware, and Meat, dairy & poultry products.
The Drugs and Pharmaceuticals sector saw remarkable growth, with exports increasing by 29.31% in October 2023, reaching USD 2.42 billion compared to USD 1.87 billion in October 2022. Engineering Goods exports recorded a growth of 7.2%, reaching USD 8.09 billion in October 2023 from USD 7.55 billion in October 2022. Electronic Goods exports also showed robust growth, increasing by 28.23% to USD 2.38 billion in October 2023, up from USD 1.85 billion in October 2022.
Furthermore, agricultural exports continued their positive trend in October 2023, with significant growth in various categories, including Cereal preparations & 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%).
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