Exports increased by 6 percent in October, imports also increased – country’s trade decreased

New Delhi (Uttam Hindu News) – Showing initial signs of improvement in the business of selling commercial goods from India to foreign markets, the country’s merchandise exports increased by 6.21 percent to $ 33.57 billion in October 2023 compared to the same month last year. In October 2022 it was $31.60 billion. This time, imports in October also stood at $65.03 billion compared to $57.91 billion in the same month last year, which shows an increase of 12.30 percent.

The trade deficit (excess of imports over exports) in the import and export of commercial goods in October 2023 stood at $31.46 billion.
Commerce Secretary Sunil Barthwal commented on the export figures for October that ‘the seeds of improvement in the export business are visible.’ According to the data released by the Ministry of Commerce and Industry on Wednesday, this time in the month of October, the export of goods of 22 out of 30 major sectors has improved on an annual basis.
“Merchant merchandise exports during the period April-October 2023 stood at $244.89 billion, compared to $263.33 billion during April-October 2022,” the Ministry of Commerce and Industry said in a release.

According to official data, merchandise imports during the April-October 2023 period stood at $391.96 billion, while it stood at $430.47 billion during April-October 2022.

The trade deficit in April-October 2023 is expected to narrow to $147.07 billion as compared to a year ago, which was $167.14 billion in the same period of the last financial year.

“Non-petroleum and non-gems and jewelery exports during April-October 2023 stood at $178.42 billion, compared to $182.24 billion during April-October 2022,” the release said. Non-petroleum, non-gems and jewelery (gold, silver and precious metals) imports stood at $246.50 billion in April-October 2023, while it was $260.01 billion in April-October 2022. India’s total exports (goods and services combined) in October 2023 are estimated at Rs 62.26 billion, showing a growth of 9.43 per cent as compared to October 2022. Total imports in October 2023 are estimated to be $79.35 billion, showing a year-on-year growth of 11.10 percent.

Total exports (including goods and services) are estimated at $ 437.54 billion in the April-October period of this financial year, which was $ 444.70 billion in the same period last year. During this period, the total trade deficit decreased to $ 57.64 billion as compared to $ 89.86 billion a year ago.
On the October export data, Arun Kumar Garodia, Chairman, Indian Engineering Export Promotion Council (EEPC India) said that the export of engineering goods stood at $ 8.09 billion in October, which shows an annual growth of seven percent more than $ 7.55 billion in October 2022. He said that this is the third consecutive month when the export of engineering goods has registered a growth. This can be mainly attributed to the favorable comparative basis. “While the positive growth seen in the past months is reassuring, the impact of geopolitical tensions and slowdown in demand in major developed economies remain a matter of concern for the exporting community.” Aditi Nair, chief economist at rating agency ICRA, said, “Given the change in the festive calendar, we had expected the merchandise trade deficit to widen to $22.8 billion in October 2023. The larger-than-expected trade deficit was driven by imports of gold and oil as well as the remaining imports, which largely comprised exports. He also said that in view of the high number of holidays in November, like exports, non-oil imports should also decline. We estimate that the trade deficit in the current month will be 22-25 billion dollars. Sectors registering growth in exports in the month of October 2023 include iron ore, ceramic products and glassware), tobacco, grain preparations and miscellaneous processed items, meat, dairy and poultry products, cotton yarn/fabs. Made-ups, Handloom Products etc., Oilseeds, Drugs & Pharmaceuticals, Electronic Goods, Fruits & Vegetables, Edible Oils), Carpets, Plastics & Linoleum, Spices, Man-made Yarns/Fabs/Made-ups etc., Coffee, Marine Products, Engineering Goods, excluding handicrafts, include products like hand-made carpets, tea and cashew nuts.