India's October exports up over 9%, overall 2023-24 figures marginally lower

New Delhi: India's overall exports, merchandise and services combined, in October are estimated to be $62.26 billion, exhibiting a positive growth of 9.43 per cent on a yearly basis, official data released on Wednesday showed.

Major contributors to export growth in October 2023 include drugs and pharmaceuticals, engineering goods, electronic goods, cotton yarn/fabs/made-ups, handloom products, iron ore, ceramic products and glassware and meat, dairy and poultry products, Ministry of Commerce and Industry said in a release.
India's overall exports so far in the financial year 2023-24 are estimated to be $437.54 billion, a 1.61 per cent decline over the same period of last year.

In October, the trade deficit, meaning the difference between exports and imports, broadened to $17.08 billion from $14.52 billion.

Coming to overall imports in October, they are estimated to be $79.35 billion, with a positive growth of 11.10 per cent on a yearly basis.

So far in 2023-24, they are, however, 7.37 per cent lower at $495.17 billion.

The trade deficit or trade balance so far in the fiscal is estimated to be $57.64 billion as against $89.86 billion same period last year.

India's overall exports in March ended the financial year 2022-2023 were worth $775.87 billion, a growth of over 14 per cent and almost $100 billion more than last year's figures.

In 2022-23, India's merchandise and services exports rose 6.74 per cent and 27.86 per cent to $450.43 billion and $325.44 billion, respectively.

Among various steps the government took was to launch a Production Linked Incentive (PLI) scheme in varied sectors, including electronic goods, to make Indian manufacturers globally competitive, attract investments, enhance exports, integrate India into the global supply chain and reduce dependency on imports. These seemed to have reaped dividends.