NEW DELHI: The country’s merchandise exports witnessed a significant increase of 17.25%, reaching $39.2 billion in October, making it the strongest month in the last decade.
Meanwhile, the import bill also rose to a all-time high of $66.34 billion, reflecting a 3.9% increase compared to the same month last year. The merchandise trade deficit expanded from a five-month low of $20.8 billion in September to $27.14 billion in October.
“The data showcases a remarkable growth trajectory, driven by strong performances across key sectors such as engineering goods, electronics, and chemicals,” said Sunil Barthwal, commerce secretary.
Barthwal added that this robust increase not only reflects the effectiveness of India’s policy reforms aimed at boosting exports but also underscores the resilience of Indian industries despite global economic challenges.
The 17%-plus growth in exports could due to upcoming Christmas as firms in the developed markets start stocking up inventories for the festival, pointed Barthwal.
In addition, production-linked incentive (PLI) schemes and various trade agreements aimed at facilitating exports, along with enhanced logistics infrastructure, digitisation in trade processes, and increased focus on quality standards have also played pivotal roles in achieving this growth, as per the secretary.
Ten sectors recorded their highest-ever exports in April to October 2024. Leading the growth is the engineering goods sector, which saw exports rise to $67.5 billion from $61.5 billion in 2023 and $62.6 billion in 2022.
Electronics goods followed suit, with exports surging to $19.1 billion in 2024, marking a significant increase from $15.4 billion in 2023 and $12.1 billion in 2022.
The pharmaceuticals sector also showed robust growth, climbing to $17.0 billion from $15.8 billion in 2023 and $14.6 billion in 2022, underscoring India’s expanding influence in global health markets, as per the data.
The government also highlighted that in 2001, the USA’s imports from India stood at $9.7 billion, representing just 0.9% of its total global imports. However, by 2023, this figure had reached $87.3 billion, making up 2.8% of the USA’s imports from the world.