In October 2023, India is poised to witness a 9.43% surge in exports, totaling US$ 62.26 billion, and an 11.10% growth in imports, reaching US$ 79.35 billion. For April-October 2023, merchandise and services exports are estimated at US$ 437.54 billion, a slight decrease of 1.61%, while imports are projected at US$ 495.17 billion, reflecting a 7.37% decline.
The specific figures for October 2023 highlight a notable increase in merchandise exports to US$ 33.57 billion and imports to US$ 65.03 billion, compared to October 2022. However, during April-October 2023, merchandise exports decreased to US$ 244.89 billion, and imports declined to US$ 391.96 billion.
The sector-wise analysis indicates positive growth in 22 out of 30 major sectors for merchandise exports, including iron ore, ceramic products, and pharmaceuticals. Notably, services exports in October 2023 are estimated at US$ 28.7 billion, with a services trade surplus of US$ 89.43 billion for April-October 2023.
Despite challenges, several sectors, such as iron ore, oil meals, and electronic goods, experienced positive development during April-October 2023. Electronic goods exports surged by 27.70%, reaching US$ 15.48 billion, compared to the same period in 2022. However, some sectors in merchandise imports, including cotton raw & waste and vegetable oil, witnessed negative growth in October 2023.
These trends underscore the dynamic landscape of India’s trade, with varied sectors contributing to the intricate tapestry of exports and imports.
