Trade Data: There has been good news on India’s foreign trade front and the country’s exports have reached a 28-month high. India’s merchandise exports have registered a jump of 17.25 percent in October and have reached $39.2 billion. This is the biggest jump in export figures in two years, with the highest level in 28 months. Earlier, an annual growth of 30.12 percent has been recorded in June 2022.
Trade deficit in October was 27.14 billion dollars – increased more than September
The country’s imports also increased by 3.9 percent in October to reach $66.34 billion. In the same month of October 2023 i.e. a year ago, imports were at 63.86 billion dollars. Official figures have been released on Thursday in which the trade deficit i.e. the difference between imports and exports stood at $27.14 billion in October. This is more than $20.78 billion in the month of September this year, whereas the trade deficit in the same month last year was $30.42 billion.
Crude oil is the main reason for increase in imports
Total imports have increased mainly due to 13.34 percent increase in the import of crude oil. Crude oil imports increased to $18.2 billion in October, which was $16.1 billion in the same month last year.
Import of gold and silver decreased
During October, imports of gold and silver decreased slightly to $ 7.13 billion and $ 0.33 billion respectively. In October 2023, it was at $7.23 billion and $1.31 billion respectively. According to the Commerce Ministry, the month of October has been very good for exports and if this pace continues, we will cross the export (goods and services) figure of $ 800 billion this year. The Commerce Ministry has taken steps to increase economic penetration in these countries through market access initiatives, promoting Brand India, removing non-tariff barriers and organizing trade promotion programmes.
What did FIEO President Ashwini Kumar say?
FIEO President Ashwini Kumar said that the double digit growth in merchandise exports amid global financial uncertainties is certainly a very encouraging sign and an indicator of revival and growth of exports on the trade front. The FIEO chief said that the volatility in crude oil and metal prices as well as the ongoing international trade impasse have also played an important role in increasing the value of exports to some extent.
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