India’s Exports Surge in October 2024


 

India’s Exports Surge in October 2024



    India’s export landscape experienced remarkable growth in October 2024 with the core group of exports rising by 27.7% compared to the previous year and this growth spanned various sectors reflecting a robust economic performance.

Key Export Sectors

    Engineering goods led the charge with a 39.4% increase. Electronic goods followed closely, showing a staggering 45.7% growth. Chemicals also performed well, rising by 27.4%. Drugs and pharmaceuticals saw an 8.2% increase, indicating steady demand.

Agricultural Export Highlights

    Agricultural exports thrived particularly rice, which surged by 85.8%, which followed the government’s decision to lift rice export restrictions. Other agricultural products like cashews (7.2%), fruits and vegetables (15.9%), tea (9.3%), and spices (30.9%) also reported important growth.

Labour-Intensive Sector Performance

    Labour-intensive sectors showed strong export performance. Readymade garments increased by 35.1%. Handicrafts rose by 32.7%, and leather products grew by 12.3%. However, ceramic products and glassware experienced a decline of 6.1%.

Import Trends

    Imports of gold fell by 1.4%, and imports of precious stones dropped by 29%. Electrical goods imports remained positive but slowed to 8.7%. Conversely, vegetable oil imports surged by 50.9%, reversing the previous month’s decline.

Overall Export Growth

    India’s total merchandise exports reached $39.2 billion in October, marking a 17.3% year-on-year increase. This growth represents the fastest rate in 28 months. Services exports also grew, increasing by 14.6% in September.

Services Trade Surplus

    India’s services trade surplus expanded to $16.1 billion in September. This figure represents an increase from $13.8 billion in September 2023. The surplus is the highest recorded since January 2024.


India export growth 
Indian trade performance
Trade data
Export surge in India
India's trade balance
Indian textile exports
Automotive exports India
IT services exports India
Pharmaceutical exports growth
Agricultural exports 
Trade policies 
Export incentives India
India foreign trade data
Global trade impact
India's trade partnerships


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#ExportBoom
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#EconomicGrowth
#TradeSurge
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