Merchandise Exports in October 2023 registered 6.21 percent growth at USD 33.57 over USD 31.60 Billion in October 2022.
The estimated services export for April-October 2023 is USD 192.65 Billion as compared to USD 181.37 Billion in April-October 2022, projecting to grow by 6.22 percent.
Overall Trade Deficit during April-October reduces by 35.86 percent from USD 89.86 Billion in 2022 to USD 57.64 Billion in 2023; Merchandise Trade deficit also improves from USD 167.14 Billion in April-October 2022 to USD 147.07 in April-October 2023.
Non-petroleum and non-Gems & Jewellery exports register an increase by 11.74 percent from USD 21.99 Billion in October 2022 to USD 24.57 Billion in October 2023.
Major contributors to export growth in October 2023 include Drugs & Pharmaceuticals, Engineering Goods, Electronic Goods, Cotton Yarn/Fabs/madeups, Handloom Products etc., Iron Ore, Ceramic products & glassware and Meat, dairy & poultry products.
Drugs and pharma exports grew by 29.31 percent in October 2023 at USD 2.42 Billion from USD 1.87 Billion in October 2022.
Engineering Goods exports record a growth of 7.2 percent from USD 7.55 Billion in October 2022 to USD 8.09 Billion in October 2023.
Electronic Goods exports register a growth of 28.23 percent at USD 2.38 Billion during October 2023 as compared to USD 1.85 Billion in October 2022.
Agricultural exports continue to grow in October 2023: Cereal preparations & miscellaneous processed items (40.95 percent), Oil seeds (29.7 percent), Fruits & Vegetables (24.48 percent), Oil Meals (17.32 percent), Spices (10.78 percent), Coffee (8.45 percent), Tea (4.12 percent), Cashew (3.29 percent).
