India's October exports soar 19.1%; up 7.3% in Apr-Oct of 2024-25
Nov 14, 2024
New Delhi [India], November 14 : India's overall exports, merchandise and services combined, in October were to the tune of USD 73.21 billion, a 19.07 rise on a yearly basis, Commerce Ministry data showed on Thursday. Same month last year it was USD 61.48 billion.
Exports of merchandise goods rose from USD 33.43 billion to USD 39.20 billion and exports of services rose from USD 28.05 to USD 34.02 billion during the month.
So far in 2024-25, April-October, India's total exports now stood at around USD 468.27 billion, up 7.28 year-on-year. The government has expressed optimism about reaching its full-year target of USD 800 billion.
The country's imports too increased year-on-year in October, data showed today. The same was the case in September.
The overall imports, both merchandise and services combined, increased from USD 77.33 billion to USD 83.33 billion.
Coming to trade deficit, meaning the difference between the exports and the imports, it widened from USD 60.02 billion per cent to USD 63.24 billion so far in 2024-25, up 5.36 per cent.
"It has been extremely good month for us, and not only our overall export progress has been extremely good, which we will show to you, but if you look at April to October, this has been the highest ever non petroleum exports from this country ever. So we have broken all the records. In India's trade history, you'll find that during April to October this is the highest so far," said Commerce Secretary Sunil Barthwal.
In the previous financial year 2023-24, India registered record exports at USD 778 billion. In 2022-23, the country exported goods and services combined at USD 776.3 billion.
In break up, services exports rose from USD 325.3 billion to USD 341.1 billion in 2023-24. Merchandise exports though marginally declined from USD 451.1 billion to USD 437.1 billion.
Overall trade deficit significantly improved from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
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.
