India’s merchandise exports soared by 6.21 per cent to $33.57 billion in October this year, the government data showed on Wednesday. This comes at a time when the trade deficit was at $31.46 billion during the month, the data by ministry of commerce and industry stated.
According to the government data, the services export for the period between April and October this year stood at $192.65 billion against $181.37 billion registered in the same period last year.
The overall trade deficit during April-October reduced by 35.86 per cent from $89.86 billion to $57.64 billion. On the other hand, the merchandise trade deficit improved from $167.14 billion in April-October 2022 to $147.07 in April-October this year.
The government data pointed to non-petroleum, non-Gems & jewellery exports registering an increase by 11.74 % from $21.99 billion in October 2022 to $ 24.57 billion in October 2023.
The major contributors to export growth last month were drugs & pharmaceuticals, engineering goods, electronic goods, cotton yarn/Fabs./made-ups, handloom products etc., iron ore, ceramic products & glassware, meat, dairy & poultry products.
Drugs and pharma exports grew by 29.31% in October 2023 at $2.42 billion from $1.87 billion in October last year.
Engineering Goods exports recorded a growth of 7.2% from $7.55 billion in October last year to $8.09 billion in October this year, the ministry’s data stated.
Electronic Goods exports registered a growth of 28.23 per cent at $2.38 billion during October 2023 as compared to $1.85 Billion in October last year.