India’s Merchandise Exports Surge in October 2024

Introduction

In a significant boost to its economy, India’s merchandise exports experienced a remarkable growth of 17.25% in October 2024 compared to the same month in the previous year. This surge is a testament to the strength of India’s manufacturing sector, especially amid a global slowdown in trade.

Robust Growth in Export Sectors

The increase in October’s exports can be attributed to several key sectors:

• Engineering Goods: Export value rose by 39.37%, from $8.08 billion in October 2023 to $11.26 billion in October 2024.
• Electronic Goods: Experienced a 45.69% growth, climbing from $2.36 billion to $3.43 billion.
• Organic & Inorganic Chemicals: Saw an increase of 27.35%, surging from $2.14 billion to $2.72 billion.
• Textiles: Jumped by 35.06%, going from $0.91 billion to $1.23 billion in export value.
• Rice: Exports soared by 85.79%, reaching $1.05 billion up from $0.57 billion.

Overall Export Growth

India’s total exports, combining both merchandise and services for October 2024, are estimated at $73.21 billion, marking a growth of 19.08% as compared to October 2023. Meanwhile, the total imports for the same period are estimated at $83.33 billion, registering a positive growth of 7.77% over October 2023.

Cumulative Export Data

The cumulative merchandise exports for the period between April and October 2024 reached $252.28 billion. This reflects a 3.18% increase from $244.51 billion in the same period the previous year.

Similarly, the cumulative overall exports, inclusive of both merchandise and services, were recorded at $468.27 billion for the April-October period of 2024, demonstrating a 7.28% growth compared to $436.48 billion in 2023.

Non-Petroleum Export Growth

Non-petroleum exports have also shown impressive growth. In October 2024, these exports were valued at $34.61 billion, increasing by 25.63% from $27.55 billion in October 2023. The cumulative non-petroleum exports from April-October 2024 amounted to $211.34 billion, up 7.34% from $196.88 billion in the previous year.

Challenges & Global Trade Outlook

Despite the positive trends, the World Trade Organisation (WTO) has adjusted its forecast for global merchandise trade growth to 3% for 2025, down from a previous estimate of 3.3%. This downward revision is due to ongoing regional conflicts, geopolitical tensions, and policy uncertainty.

Conclusion

The impressive gains in India’s merchandise exports, particularly in engineering goods, electronics, and textiles, are indicative of the country’s strengthened manufacturing capabilities. Yet, the potential challenges on the global stage emphasize the need for sustained strategic efforts to keep up the growth momentum.

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Source: https://zeenews.india.com/economy/india-s-merchandise-exports-surge-17-25-in-october-2820348.html