Merchandise exports surge 17.25% in October

India’s merchandise exports surged by 17.25% in October 2024, reaching $39.2 billion—the highest growth in over two years. However, the trade deficit widened to $27.14 billion as imports rose by 3.9% to $66.34 billion, compared to $63.86 billion in the same period last year.

The Indian government’s strategic focus on six key sectors—engineering, electronics, pharmaceuticals, chemicals, plastics, and agriculture—along with targeted efforts in 20 key countries, is driving positive export performance. Notable growth was seen in major export destinations, with Singapore increasing by 197.39%, the UAE by 43.32%, the USA by 11.47%, the UK by 42.12%, and Australia by 60.41%.

Meanwhile, India’s merchandise trade deficit in October saw an improvement, narrowing to $27.14 billion from $33.43 billion recorded in the same period last year, reflecting a more balanced trade performance.

Source: Maritime Gateway