India’s goods exports surge 6.2% in October

In October 2023-24, India experienced a modest 6.2% uptick in goods exports, marking the second positive growth in the fiscal year. The total export value reached US$ 33.6 billion, albeit on a low base. Imports soared to a record high of $65.03 billion, indicating a significant 12.3% increase from the previous year, driven primarily by heightened gold inflows.

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Image Credit: Pixabay

During October 2023-24, India’s goods exports demonstrated a 6.2% growth, representing only the second positive trend in the fiscal year. The aggregate export value reached US$ 33.6 billion. Imports hit a record high of US$ 65.03 billion, indicating a substantial 12.3% increase compared to the previous year. This notable upswing was fueled by a rise in gold inflows.

India’s monthly goods trade deficit reached a historic peak, expanding to US$ 31.46 billion, surpassing the prior record of US$ 29.23 billion set in September 2022. The value of outbound shipments in October also hit a low, marking the lowest since last November and registering a 2.5% decline compared to the September figures.

“October’s trade figures, with goods exports rising 6.2%, along with indications from the first week of November, confirm that green shoots that we spotted in August are now stabilising,” Commerce Secretary Sunil Barthwal said, “I am very hopeful that we will cross last year’s high export numbers in 2023-24, despite a dip in commodity prices,” he added.

During the fiscal year 2022-23, India witnessed a milestone as its goods exports surpassed $450 billion. However, the provisional data released by the Commerce Ministry on Wednesday reveals a shift in momentum. Between April and October of the current year, merchandise exports amount to nearly $245 billion, marking a 7% decline compared to the corresponding period last year.

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