New Delhi: India’s merchandise exports jumped by a strong 17.25 per cent to $39.20 billion throughout October this yr, as in comparison with $33.43 billion throughout the identical month final yr, figures launched by the Commerce and Industry Ministry on Thursday confirmed.
The double-digit progress in exports amid the slowdown in world commerce was pushed by engineering items, digital items, natural and inorganic chemical compounds, and textiles which displays the rising energy of India’s manufacturing sector.
India’s whole exports (merchandise and companies mixed) for October 2024 are estimated at $73.21 billion, registering a progress of 19.08 per cent vis-a-vis October 2023. Total imports (merchandise and companies mixed) for October 2024 are estimated at $83.33 billion, registering a optimistic progress of seven.77 per cent vis-a-vis October 2023.
The cumulative worth of merchandise exports throughout April-October 2024 was $252.28 billion, as in comparison with $244.51 billion throughout April-October 2023, registering a optimistic progress of three.18 per cent. The cumulative general exports, together with each merchandise and companies, through the April-October interval of the present monetary yr are estimated at $468.27 billion, as in comparison with $436.48 billion in April-October 2023, which represents a progress of seven.28 per cent.
Non-petroleum exports in October 2024 had been valued at $ 34.61 billion, registering a rise of 25.63 per cent as compared with the corresponding determine of $27.55 billion for October 2023. The cumulative non-petroleum exports in April-October 2024, valued at $211.34 billion registered a rise of seven.34 per cent as compared with $196.88 billion in April-October 2023.
The non-petroleum merchandise export of April-October 2024 surpassed the document of $206.2 billion in April-October 2024. Non-petroleum & non-gems & jewelry exports registered a rise of 27.68 per cent from $24.56 billion in October 2023 to $31.36 Billion in October 2024.
Major drivers of merchandise export progress in October embody engineering items, digital items, natural & inorganic chemical compounds, rice, and textiles. Engineering items exports elevated by 39.37 per cent from $8.08 billion in October 2023 to $11.26 billion in October 2024, whereas digital items exports elevated by 45.69 per cent from $2.36 billion in October 2023 to $3.43 billion in October 2024, and natural & inorganic chemical compounds exports elevated by 27.35 per cent from $2.14 billion in October 2023 to $2.72 billion in October 2024.
Rice exports elevated by 85.79 per cent from $0.57 billion in October 2023 to $1.05 billion in October 2024, and textiles exports elevated by 35.06 per cent from $0.91 billion in October 2023 to $1.23 billion in October 2024. India’s exports have bounced again regardless of a slowdown in world commerce.
The World Trade Organisation (WTO) has revised downwards its projection of world merchandise commerce progress to three per cent in 2025, from its earlier estimate of three.3 per cent. The multilateral commerce physique stated that dangers to the forecast stay firmly on the draw back as a consequence of regional conflicts, geopolitical tensions, and coverage uncertainty.
