Team Blitz India
NEW DELHI: India’s exports rose by 6.21 per cent to $33.57 billion in October this year, as against $31.6 billion a year-ago, according to a Government data on November 15. On the other hand, the imports also increased to $65.03 billion in the month under consideration, as against $57.91 billion recorded in October 2022, according to a release by the Ministry of Commerce & Industry.
India’s trade deficit in October stood at $31.46 billion. During the April-October period of this fiscal year, exports contracted by 7 per cent to $244.89 billion.
India’s overall exports (Merchandise and Services combined) in April-October 2023 are estimated to be $437.54 billion, exhibiting a negative growth of (-) 1.61 per cent over April-October 2022, where as overall imports in April-October 2023 are estimated to be $495.17 billion, exhibiting a negative growth of (-) 7.37 per cent over April-October 2022, the ministry statement stated.
Non-petroleum and non-gems and jewellery exports posted an increase by 11.74 per cent from $21.99 billion in October 2022 to $24.57 billion in October 2023.
Major contributors to export growth in October 2023 include drugs and pharmaceuticals, engineering goods, electronic goods, cotton yarn/fabs, handloom products, iron ore, ceramic products and glassware and meat, dairy and poultry products.