New Delhi. The country’s merchandise exports have increased by 17.25 percent to reach $39.2 billion in October. In percentage terms, this is the biggest jump in export figures in two years. In the same month a year ago, exports were $33.43 billion. Trade deficit in the month under review stood at $27.14 billion. According to official data released on Thursday, the country’s imports also increased by 3.9 percent to reach $66.34 billion in October, which was $63.86 billion in the same month a year ago.
Trade deficit i.e. the difference between imports and exports stood at $27.14 billion in the month under review. This is less than $30.42 billion in the same month last year. However, this is more than $20.78 billion in the month of September this year. The country’s merchandise exports increased marginally by 0.5 percent to $34.85 billion in the month of September. According to the data, during the first seven months (April-October) of the current financial year, the country’s exports have increased by 3.18 percent to $252.28 billion and imports have increased by 5.77 percent to $416.93 billion.
Commerce Secretary Sunil Barthwal said, “It has been a very good month for exports… If this momentum continues, we will cross the figure of $ 800 billion exports (goods and services) this year.” He said the government’s strategy to focus on six sectors… engineering, electronics, pharmaceuticals, chemicals, plastics and agriculture… along with 20 countries, is yielding positive results.
The share of these 20 countries in total global imports is 60 percent and the share of these six segments in global imports is 67 percent.
The Commerce Ministry has taken steps to increase penetration in these countries through market access initiatives, promotion of Brand India, removal of non-tariff barriers and organizing trade promotion programmes. Barthwal also said that he is holding meetings with Indian embassies abroad to promote exports.
He said, “We are making a strategy to promote exports in these countries and I am confident that with this strategy we will get better results by the end of this year.” One reason for registering double digit growth in exports in October could be the better Christmas demand.
Meetings have already been held with major European countries. Similar meetings have also been planned with America and Asia-Pacific countries, Africa and West Asia. Crude oil imports increased to $18.2 billion in October. In the same month last year it was $16.1 billion. During the month under review, imports of gold and silver declined slightly to $ 7.13 billion and $ 0.33 billion respectively. In October, 2023 respectively? Was $7.23 billion and $1.31 billion.