India’s total exports for October were USD 62.26 billion, showing a positive annual rise of 9.43%, according to government figures published on Wednesday.
According to data from the Ministry of Commerce and Industry, the industries that contributed most to the total exports were those that dealt with pharmaceuticals and drugs, engineering goods, electronics, cotton yarn/fabs/made-ups, handloom products, iron ore, ceramic products and glassware, and meat, dairy, and poultry products.
Exports of pharmaceuticals and drugs increased by 29.31% to USD 2.42 billion in October 2022 from USD 1.87 billion. From USD 7.55 billion in October 2022 to USD 8.09 billion in October 2023, exports of engineering items show a 7.2 percent increase.
According to the statistics, October 2023 had a 28.23 percent increase in electronic products exports, reaching USD 2.38 billion, up from USD 1.85 billion in October 2022.
October 2023 will witness an increase in agricultural exports of the following: cereal preparations and other processed goods (40.95 percent), oil seeds (29.7 percent), fruits and vegetables (24.48 percent), oil meals (17.32 percent), spices (10.78 percent), coffee (8.45 percent), tea (4.12 percent), and cashew (3.29 percent).
The value of jewelry exports, which exclude petroleum and stones, increased by 11.74 percent from USD 21.99 billion in October 2022 to USD 24.57 billion in October 2023.
According to the ministry’s figures, from April to October, the total trade deficit decreased by 35.86 percent, from USD 89.86 billion in 2022 to USD 57.64 billion in 2023. Additionally, from USD 167.14 billion in April-October 2022 to USD 147.07 billion in April-October 2023, the merchandise trade deficit improves.
It is important to note that India’s total exports as of March 31st, 2022–2023 were valued at USD 775.87 billion, up about 14% and USD 100 billion over the same month the previous year.
In order to increase output and exports, the Union Government has launched the output Linked Incentive (PLI) program in a number of industries, including the electronic products industry.
It has increased the competitiveness of Indian firms on the world market, drawn in investments, improved exports, integrated India into the global supply chain, and decreased reliance on imports.