New Delhi: India's exports saw a significant surge of over 19% in October 2024, marking a record high for the period. According to the Ministry of Commerce and Industry, merchandise exports rose by more than 17%, while services exports grew by over 21%.
Commerce Secretary Sunil Barthwal expressed optimism about the country's trade performance, highlighting that this period has seen the highest-ever non-petroleum exports in India’s history between April and October. "It has been an extremely good month for us. Not only has our overall export performance been strong, but from April to October, we have broken all records," Barthwal said.
In total, India’s exports for the April-October 2024 period amounted to approximately USD 468.27 billion, reflecting a 7.28% year-on-year increase. Barthwal is optimistic that India is on track to surpass USD 800 billion in exports for the fiscal year 2024-25, stating, "If we continue at this pace, we are definitely going to exceed USD 800 billion and break further records."
He credited the government's export-focused strategy for this growth, noting that targeted efforts in specific sectors and markets have paid off. The focus on enhancing manufacturing competitiveness, particularly through initiatives like the Production-Linked Incentive (PLI) scheme, has also contributed significantly.
Exports of key sectors have seen impressive growth, including engineering goods, which rose by over 39%, and electronic goods, which increased by more than 45%. Exports of organic and inorganic chemicals grew by 27%, while rice exports surged by 85%, benefiting from the removal of export controls imposed due to food security concerns. Barthwal also noted a 35% increase in exports of labour-intensive sectors, particularly readymade garments and textiles.
Despite the strong export performance, India's trade deficit widened slightly, from USD 60.02 billion to USD 63.24 billion in 2024-25. However, the overall trade deficit has narrowed significantly from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24, offering a positive outlook for India's trade balance.
BI Bureau
