India's Merchandise Exports Surge by 17.3% in October 2024
| Key Aspect | Details |
|---|---|
| Export Growth | - Merchandise exports grew 17.3% in October 2024, the fastest in 28 months. |
| - Exports reached $39.2 billion, driven by pre-Christmas inventory buildup in Western countries. | |
| Sectors Leading Growth | - Engineering goods: +39.4%, Electronic goods: +45.7%, Chemicals: +27.35%, Readymade garments: +35.1%, Rice: +85.8%. |
| Non-Oil Exports | - Non-petroleum and non-gems exports grew 27.7% to $31.36 billion. |
| Petroleum Exports | - Petroleum exports declined 22.1% due to falling global crude oil prices. |
| Imports | - Imports surged 3.9% to a record $66.34 billion, driven by crude oil, electronic goods, and vegetable oil. |
| Gold Imports | - Gold imports fell 1% year-on-year but remained high at $7.14 billion. |
| Trade Deficit | - Trade deficit widened to $27.1 billion in October, up from $20.8 billion in September. |
| Cumulative Trade Data | - April-October exports: $244.5 billion (+3.2%). Imports: $416.9 billion (+5.7%). Trade deficit: $164.65 billion. |
| Services Exports | - Services exports grew 21.3% to $34 billion in October, with a trade surplus of $17 billion. |
| Government Target | - Aiming for $800 billion in total exports in FY2024-25, focusing on sectors like electronics and engineering. |
| Commerce Secretary | - Sunil Barthwal projected better export performance, supported by the PLI scheme. |
| Economic Forecast | - Aditi Nayar (Icra): Current account deficit expected to ease to 1.2% of GDP in Q3FY25 from 1.8% in Q2FY25. |