New Delhi [India] : India’s overall exports, merchandise and services combined, in October are estimated to be USD 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 USD 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 USD 17.08 billion from USD 14.52 billion
Coming to overall imports in October, they are estimated to be USD 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 USD 495.17 billion.
The trade deficit or trade balance so far in the fiscal is estimated to be USD 57.64 billion as against USD 89.86 billion same period last year.
India’s overall exports in March ended the financial year 2022-2023 were worth USD 775.87 billion, a growth of over 14 per cent and almost USD 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 USD 450.43 billion and USD 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.