India's October 2023 Exports Hit $62.26 Billion, Marking 9.43 Per Cent YoY Surge From October 2022's $56.90 Billion

India's trade landscape showed a robust performance in October 2023, with overall exports reaching $62.26 billion, marking a notable 9.43 per cent increase compared to October 2022's $56.90 billion.

The merchandise exports, contributing to this growth, registered a 6.21 per cent uptick at $33.57 billion, up from $31.60 billion in October 2022.

Services exports for April-October 2023 are estimated at $192.65 billion, reflecting a 6.22 per cent growth from the same period in 2022.

The trade deficit for April-October also demonstrates improvement, reducing by 35.86 per cent to $57.64 billion, compared to $89.86 billion in 2022.

In the realm of non-petroleum and non-gems and jewellery exports, there is a substantial 11.74 per cent increase, reaching $24.57 billion in October 2023 from $21.99 billion in October 2022.

Key contributors to this export growth include drugs and pharmaceuticals, engineering goods, electronic goods, handloom products, iron ore, ceramic products and glassware, and meat, dairy and poultry products.

Notably, drugs and pharma exports exhibit a remarkable 29.31 per cent growth, reaching $2.42 billion in October 2023.

The positive trajectory extends to engineering goods, electronic goods, and agricultural exports, reinforcing India's position in global trade dynamics.

Cereal preparations and miscellaneous processed items, oilseeds, fruits and vegetables, oil meals, spices, coffee, tea and cashew are among the sectors contributing to the growth, showcasing the diverse strengths of India's export sector.