New Delhi: India’s merchandise exports in October rose by an impressive 17.25 per cent year-on-year, highest in over two years, to $39.2 billion, while the trade deficit widened to $27.14 billion on a sequential basis.
According to the government data released on Thursday, imports increased by 3.9 per cent to $66.34 billion in October compared to $63.86 billion in the year-ago period, mainly due to a 13.34 per cent rise in crude oil imports.
The trade deficit (gap between imports and exports) narrowed as compared to $30.42 billion recorded in October last year. However, it has widened from $20.78 billion recorded in September this year.
The country’s merchandise exports have recorded the previous high growth of 30.12 per cent in June 2022.
During April-October this fiscal, exports increased by 3.18 per cent to $252.28 billion, and imports by 5.77 per cent to $416.93 billion.
The deficit during the latest seven-month period was $164.65 billion as compared to $149.67 billion during April-October 2023.
The data showed that the estimated value of service exports during April-October 2024 increased to $215.98 billion from $191.97 billion in the same period last year. Imports during that period at $114.57 billion was also higher from $102.32 billion in April-October 2023.
Crude oil imports in October rose to $18.2 billion from $16.1 billion in the same month last year.
Gold and Silver imports, on the other hand, slightly dipped to $7.13 billion and $0.33 billion, respectively, during the month under review from the two comparable figures of $7.23 billion and $1.31 billion recorded in October 2023.
Commenting 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 $800 billion of exports (goods and services together) this
(fiscal) year.”
He said that the government’s strategy to focus on six sectors — engineering, electronics, pharma, chemicals, plastics and agriculture — as well as 20 countries is yielding positive result.
These 20 countries account for 60 per cent of the total global imports and these six segments have a share of 67 per cent in global imports.
The commerce ministry has undertaken deeper economic integration in these nations through market access initiatives, promotion of brand India, addressing non-tariff barriers, and conducting trade promotion events.
“We are formulating strategies to promote exports in these focus countries and I am sure that the strategy will help us in showing excellent result by end of this year,” he added.