New Delhi, November 14 (IANS). The country’s merchandise exports increased by 17.25 percent to $39.20 billion in October. It was $33.43 billion in the same period last year. This information was given by the Ministry of Commerce and Industry on Thursday.
India’s exports have grown in double digits at a time when the global economy is witnessing a slowdown.
The reason for this increase was the increase in exports of engineering goods, electronic goods, organic and inorganic chemicals, rice and textiles, which shows that the activities in the manufacturing sector in the country are increasing rapidly.
India’s total exports (goods and services combined) for October 2024 are estimated at $73.21 billion, 19.08 per cent higher than October 2023.
Total imports (goods and services combined) for October 2024 are estimated at $83.33 billion, 7.77 per cent higher than October 2023.
The cumulative value of merchandise exports during April-October 2024 was $252.28 billion, while it was $244.51 billion during April-October 2023, showing a positive growth of 3.18 per cent.
Total cumulative exports of both goods and services during the April-October period of the current financial year are estimated at $468.27 billion, compared to $436.48 billion in April-October 2023, an increase of 7.28 per cent year-on-year.
Exports of engineering goods increased by 39.37 per cent to $11.26 billion in October 2024 from $8.08 billion in October 2023, while exports of electronic goods increased by 45.69 per cent to $3.43 billion in October 2024 from $2.36 billion in October 2023.
Exports of organic and inorganic chemicals increased by 27.35 percent from $ 2.14 billion in October 2023 to $ 2.72 billion in October 2024.
Rice exports increased by 85.79 percent from $0.57 billion in October 2023 to $1.05 billion in October 2024. Textile exports increased by 35.06 percent from $0.91 billion in October 2023 to $1.23 billion in October 2024.
–IANS
ABS/ABM