India’s combined exports of merchandise and services in October 2024 saw a robust 19.07% growth, reaching USD 73.21 billion, according to Commerce Ministry data released on Thursday. This marks a notable rise from the USD 61.48 billion reported in the same month last year.
- Merchandise Exports: Increased from USD 33.43 billion in October 2023 to USD 39.20 billion in October 2024.
- Services Exports: Rose from USD 28.05 billion to USD 34.02 billion year-on-year.
The surge in October exports has contributed positively to the overall growth trend for the financial year.
April-October Exports Rise 7.3%, Targeting $800 Billion for 2024-25
For the April-October period of the current fiscal year, India’s total exports amounted to USD 468.27 billion, showing a 7.28% year-on-year increase. The government remains optimistic about achieving its ambitious full-year export target of USD 800 billion.
Commerce Secretary Sunil Barthwal highlighted the record-breaking non-petroleum exports during this period, stating:
“This has been the highest ever non-petroleum exports from India during April to October. We have broken all records in India’s trade history.”
India’s imports also witnessed a year-on-year rise in October, similar to the trend observed in September. Combined imports of merchandise and services grew from USD 77.33 billion to USD 83.33 billion.
However, the trade deficit, which is the difference between exports and imports, widened by 5.36% for the April-October period of 2024-25. It increased from USD 60.02 billion to USD 63.24 billion.
Record Exports in Previous Fiscal Year; Marginal Decline in Merchandise Exports
In the previous fiscal year 2023-24, India achieved record exports, totaling USD 778 billion. This was a slight increase from the USD 776.3 billion reported in 2022-23.
- Services Exports: Increased from USD 325.3 billion in 2022-23 to USD 341.1 billion in 2023-24.
- Merchandise Exports: Declined slightly from USD 451.1 billion to USD 437.1 billion.
Notably, the overall trade deficit improved significantly from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
To enhance export performance, the Indian government has implemented several measures, including the Production Linked Incentive (PLI) scheme. This initiative covers various sectors such as electronics, aiming to boost the competitiveness of Indian manufacturers, attract investments, and integrate India into the global supply chain.
The PLI scheme has shown positive results, contributing to the recent export growth and reducing the dependency on imports. The government remains focused on sustaining this momentum as it pushes towards achieving its long-term trade goals.
