India's Exports Surge 17.25% In October, Highest In Two Years; Trade Deficit Widens

Barthwal also suggested that strong demand during the upcoming holiday season, particularly for Christmas, may have contributed to the surge in exports in October.

Regarding specific imports, crude oil imports rose to $ 18.2 billion in October, up from $ 16.1 billion in the same month last year

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India’s merchandise exports in October saw a remarkable rise of 17.25 per cent, reaching $ 39.2 billion, the highest growth in over two years. However, the country’s trade deficit widened to $ 27.14 billion during the same month. 

According to government data released on Thursday, imports grew by 3.9 per cent, rising to $ 66.34 billion in October, compared to $ 63.86 billion in the same period last year. While the trade deficit was narrower than the $ 30.42 billion recorded in October 2023, it expanded from $ 20.78 billion in September 2024.

India’s merchandise exports had seen only a marginal increase of 0.5 per cent in September, totalling $ 34.58 billion. Over the April-October period of this fiscal year, exports grew by 3.18 per cent to $ 252.28 billion, while imports rose by 5.77 per cent to $ 416.93 billion.

Commenting on the strong export performance, Commerce Secretary Sunil Barthwal stated, "This has been an extremely good month for exports...If we continue in this manner, we will cross $ 800 billion of exports (goods and services together) this (fiscal) year." 

He attributed this positive momentum to the government's targeted focus on six key sectors — engineering, electronics, pharmaceuticals, chemicals, plastics, and agriculture — as well as trade relations with 20 strategically important countries. These 20 nations represent 60 per cent of global imports, and the six sectors account for 67 per cent of global imports, Barthwal noted.

The Commerce Ministry has been working to strengthen economic ties with these nations through initiatives such as improving market access, promoting Brand India, addressing non-tariff barriers, and organising trade promotion events. Barthwal added that ongoing meetings with Indian missions abroad aim to boost exports, with further strategic discussions planned for Europe, America, the Asia-Pacific region, Africa, and the Middle East.

He also suggested that strong demand during the upcoming holiday season, particularly for Christmas, may have contributed to the surge in exports in October.

Regarding specific imports, crude oil imports rose to $ 18.2 billion in October, up from $ 16.1 billion in the same month last year. Meanwhile, imports of gold and silver showed a slight decline, with gold imports totalling $ 7.13 billion and silver imports falling to $ 0.33 billion, compared to $ 7.23 billion and $ 1.31 billion, respectively, in October 2023.