India's exports rose by 6.21 per cent to $33.57 billion in October this year, as against $31.6 billion a year-ago, according to a government data on Wednesday. On the other hand, the imports also increased to $65.03 billion in the month under consideration, as against $57.91 billion recorded in October 2022, according to a release by the Ministry of Commerce & Industry.
India's trade deficit in October stood at $31.46 billion. During the April-October period of this fiscal year, exports contracted by 7 per cent to $244.89 billion.
India's overall exports (Merchandise and Services combined) in April-October 2023 are estimated to be $437.54 billion, exhibiting a negative growth of (-) 1.61 per cent over April-October 2022, where as overall imports in April-October 2023 are estimated to be $495.17 billion, exhibiting a negative growth of (-) 7.37 per cent over April-October 2022, the ministry statement stated.
Non-petroleum and non-gems and jewellery exports posted an increase by 11.74 per cent from $21.99 billion in October 2022 to $24.57 billion in October 2023.
Major contributors to export growth in October 2023 include drugs and pharmaceuticals, engineering goods, electronic goods, cotton yarn/fabs, handloom products, iron ore, ceramic products and glassware and meat, dairy and poultry products.
Drugs and pharma exports grew by 29.31 per cent in October at $2.42 billion from $1.87 billion in October 2022.
Engineering goods exports clocked growth of 7.2 per cent from $7.55 billion in October 2022 to $8.09 billion in October 2023.
Electronic Goods exports logged growth of 28.23 per cent at $2.38 billion during October 2023 as compared to $1.85 billion in October 2022.
Agricultural exports also continue to grow in October 2023, with cereal preparations and miscellaneous processed items saw groth of 40.95 per cent, oil seeds 29.7 per cent, fruits and vegetables 24.48 per cent, oil meals 17.32 per cent, spices 10.78 per cent, coffee 8.45 per cent, tea 4.12 per cent, and cashew 3.29 per cent.
Imports during the seven-month period fell by 8.95 per cent to $391.96 billion.
Commerce Secretary Sunil Barthwal said the trade numbers in October reflect 'green shoots'.