India's October merchandise exports jump 6% YoY to $33.6bn
In October 2023, India's merchandise exports grew 6.23% to $33.57 billion, up from $31.60 billion the previous year, according to Commerce Secretary Sunil Barthwal. During the same period, merchandise imports surged 12.3% to $65.03 billion from $57.91 billion in October 2022, resulting in India's merchandise trade deficit increasing to $31.46 billion. Barthwal also disclosed that China continues to be India's primary import source, followed by Russia, UAE, the US, and Saudi Arabia.
April-October sees a fall in exports and imports
During the April-October 2023 timeframe, India's merchandise exports experienced a 7% year-on-year (YoY) drop, totaling $244.89 billion, while merchandise imports saw an 8.95% YoY drop, reaching $391.96 billion, according to Barthwal. Despite the overall downward trend in exports and imports, specific sectors witnessed growth. Gold imports, for instance, rose by 5.5% to $29.48 billion in comparison to October 2022. Basmati rice exports during the same period rose by almost 14% to $2.59 billion.
Services exports and imports decline
In October, services exports stood at $28.70 billion, showcasing a decrease of approximately 2.3% from September's $29.37 billion. Meanwhile, imports totaled $14.32 billion, marking a decline of about 3.9% from September's $14.91 billion.
