India’s Exports Surge to USD 73.21 Billion in October, Recording 19% Growth
India’s total exports, encompassing merchandise and services, reached USD 73.21 billion in October, reflecting a 19.07% year-on-year increase, according to data released by the Ministry of Commerce. This marks a significant rise from USD 61.48 billion recorded in October 2023.
Merchandise exports climbed from USD 33.43 billion to USD 39.20 billion, while services exports rose from USD 28.05 billion to USD 34.02 billion. Cumulatively, exports for the April-October period of the 2024-25 fiscal year totaled USD 468.27 billion, up 7.28% from the same period last year. The government remains optimistic about reaching its annual export target of USD 800 billion.
Imports also grew in October, with the combined value of merchandise and services imports increasing to USD 83.33 billion from USD 77.33 billion a year earlier. This resulted in a widened trade deficit of USD 63.24 billion for the fiscal year, a 5.36% increase over the previous year.
Commerce Secretary Sunil Barthwal highlighted the robust export performance, stating, “It has been an extremely good month for us, with record-breaking non-petroleum exports during the April-October period in India’s trade history.”
India’s exports hit a record USD 778 billion in the 2023-24 fiscal year, driven by a rise in services exports to USD 341.1 billion. Merchandise exports saw a slight dip to USD 437.1 billion, but the trade deficit improved significantly, narrowing from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
Government initiatives, such as the Production Linked Incentive (PLI) scheme, have been pivotal in enhancing export competitiveness, attracting investments, and reducing dependency on imports, further boosting India’s global trade footprint.
