Indian Economy News

The cumulative overall exports during April-October 2024 is estimated at US$ 468.27 billion, as compared to US$ 436.48 billion in April-October 2023, with an estimated growth of 7.28%

India's total exports, combining merchandise and services, were estimated at US$ 73.21 billion in October 2024, showing a growth of 19.08% compared to October 2023. Merchandise exports stood at US$ 39.20 billion, up from US$ 33.43 billion, while services exports rose to US$ 34.02 billion from US$ 28.05 billion. Total imports for the month were estimated at US$ 83.33 billion, reflecting a 7.77% increase from US$ 77.33 billion in the same period last year. The trade balance for October 2024 recorded a deficit of US$ 10.12 billion, an improvement over the deficit of US$ 15.85 billion in October 2023.

For April-October 2024, India's total exports were estimated at US$ 468.27 billion, a rise of 7.28% from the corresponding period in FY23. Merchandise exports amounted to US$ 252.28 billion, while services exports reached US$ 215.98 billion. Total imports during the same period were estimated at US$ 531.51 billion, up 7.05% from US$ 496.50 billion in FY23. The trade deficit for April-October 2024 stood at US$ 63.24 billion, slightly higher than US$ 60.02 billion during the same period in FY23. Non-petroleum and non-gems & jewellery exports grew by 27.5% in October 2024. Services exports grew 12.51% in April-October 2024 compared to FY23. Key export destinations showing strong growth in October 2024 included Singapore, the United Arab Emirates, the United States, the United Kingdom, and Australia.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.