Engineering & Electronics Push India's October Export Growth By 17%
New Delhi, Nov 15 (KNN) India's merchandise exports recorded their strongest growth in 28 months surging 17.3 percent year-on-year to reach USD 39.2 billion, primarily driven by pre-Christmas inventory stockpiling in Western markets.
The growth trajectory was notably supported by significant increases across various sectors, with engineering goods rising by 39.4 percent, electronic goods by 45.7 percent, and readymade garments by 35.1 percent.
Despite this positive export performance, the country's trade deficit widened to USD 27.1 billion from September's USD 20.8 billion, as imports reached a historic high of USD 66.34 billion, marking a 3.9 percent increase.
The surge in imports was led by various commodities, including crude oil which rose by 13.3 percent, electronic goods by 6.8 percent, and vegetable oil by 50.9 percent.
Commerce Secretary Sunil Barthwal expressed optimism about the export outlook, projecting that India's combined goods and services exports could reach USD 800 billion in the current financial year.
He attributed the improved performance to enhanced manufacturing competitiveness, particularly citing the impact of the Production Linked Incentive (PLI) scheme.
A noteworthy development was the robust 27.7 percent growth in non-petroleum and non-gems and jewellery exports, which reached USD 31.36 billion, serving as a key indicator of domestic manufacturing strength.
However, petroleum product exports, constituting 12 percent of India's export basket, experienced a 22.1 percent contraction to USD 4.6 billion, influenced by declining global crude oil prices.
The services sector demonstrated strong performance, with exports growing by 21.3 percent to USD 34 billion and imports rising by 26.3 percent to USD 17 billion, resulting in a services trade surplus of USD 17 billion.
If you are a fresher in the Export field.
????Join our Startup Export Training.
For more details.
???? Visit www.ucorpexim.in or Contact 7598 404848
If you have basic about the Export field
????Join our Advanced Realtime Export Training.
For more details.
????Visit www.ucorpareto.com or Contact 7598 786858
#export #exporter #exportimport #exports #importexport #exportproduct #exportbusiness #exportbag #exportquality #exportindia #exporting #exportimportdata #eximedia #indiaexport #indiaexports #indiaexporters #indiaexportimport #indiabusiness #ucorpexim #exporttraining#exportstraining #exportertraining #exporterstraining #importtraining #importstraining #importertraining #importerstraining #ucorp
share News