India's merchandise exports increased a strong 17.25% to $39.20 billion in October this year from $33.43 billion for the same month last year, according to figures released by the Commerce and Industry Ministry on Thursday.
These include engineering goods, electronic goods, organic and inorganic chemicals, and textiles-accounting for double-digit growth in exports during the slowdown in global trade-showing growing strength in India's manufacturing sector.
India's total exports constituting merchandise, and services for the month of October 2024 were at $73.21 billion compared with $61.56 billion during October 2023, and stood at a growth of 19.08 per cent. Total imports (including merchandise, and services) for the month of October 2024 was at $83.33 billion, as against $77.01 billion for October 2023, which showed a positive growth of 7.77 per cent. The cumulative value of merchandise exports during April-October 2024 was at $252.28 billion as against $244.51 billion during April-October 2023, thereby registering a growth of 3.18 per cent.
The combined merchandise and services overall exports in the period of April-October of the current financial year are supposed to stand at $468.27 billion. The corresponding value for April-October 2023 stood at $436.48 billion, growing at 7.28 per cent.
Non petroleum exports during October 2024 were $34.61 billion that grew by 25.63 percent versus the same figure of $27.55 billion during October 2023. Cumulative non-petroleum exports during April-October 2024, $211.34 billion improved by 7.34 percent compared with $196.88 billion during April-October 2023.
Merchsandise export for the period April-October 2024 stood at an all-time high of $206.2 billion exporting non-petroleum & non-gems & jewellery exports at $24.56 billion in October 2023 and standing at $31.36 Billion in October 2024. This reflects an increase of 27.68 per cent.
Growth drivers for merchandise export for October were especially led by engineering goods, electronic goods, organic & inorganic chemicals, rice, and textiles.
Engineering goods exports: In October 2023, it grew by 39.37% to $11.26 billion from $8.08 billion and in October 2024 electronic goods increased by 45.69% from $2.36 billion in October 2023 to $3.43 billion in October 2024 and organic & inorganic chemicals grew by 27.35% from $2.14 billion in October 2023 to $2.72 billion in October 2024.
Hence, rice exports rose to 85.79 per cent from $0.57 billion in October 2023 to $1.05 billion in October 2024 and textile exports rose to 35.06 per cent from $0.91 billion in October 2023 to $1.23 billion in October 2024. That said, even though global trade is at a standstill, India's exports have backpedaled.
The World Trade Organisation (WTO) cut its forecast of world merchandise trade growth to 3% in 2025 from 3.3% projected earlier. The multilateral trade body said that risks to the forecast remain firmly on the downside owing to regional conflicts, geopolitical tensions, and policy uncertainty.
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