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India’s merchandise exports jumped by a robust 17.25 per cent to $39.20 billion during October this year, as compared to $33.43 billion during the same month last year, figures released by the Commerce and Industry Ministry on Thursday showed.  

The double-digit growth in exports amid the slowdown in global trade was driven by engineering goods, electronic goods, organic and inorganic chemicals, and textiles which reflects the growing strength of India’s manufacturing sector.

India’s total exports (merchandise and services combined) for October 2024 are estimated at $73.21 billion, registering a growth of 19.08 per cent vis-a-vis October 2023. Total imports (merchandise and services combined) for October 2024 are estimated at $83.33 billion, registering a positive growth of 7.77 per cent vis-a-vis October 2023. The cumulative value of merchandise exports during April-October 2024 was $252.28 billion, as compared to $244.51 billion during April-October 2023, registering a positive growth of 3.18 per cent.

The cumulative overall exports, including both merchandise and services, during the April-October period of the current financial year are estimated at $468.27 billion, as compared to $436.48 billion in April-October 2023, which represents a growth of 7.28 per cent.

Non-petroleum exports in October 2024 were valued at $ 34.61 billion, registering an increase of 25.63 per cent in comparison with the corresponding figure of $27.55 billion for October 2023. The cumulative non-petroleum exports in April-October 2024, valued at $211.34 billion registered an increase of 7.34 per cent in comparison with $196.88 billion in April-October 2023.

The non-petroleum merchandise export of April-October 2024 surpassed the record of $206.2 billion in April-October 2024. Non-petroleum & non-gems & jewellery exports registered an increase of 27.68 per cent from $24.56 billion in October 2023 to $31.36 Billion in October 2024.

Major drivers of merchandise export growth in October include engineering goods, electronic goods, organic & inorganic chemicals, rice, and textiles.

Engineering goods exports increased by 39.37 per cent from $8.08 billion in October 2023 to $11.26 billion in October 2024, while electronic goods exports increased by 45.69 per cent from $2.36 billion in October 2023 to $3.43 billion in October 2024, and organic & inorganic chemicals exports increased by 27.35 per cent from $2.14 billion in October 2023 to $2.72 billion in October 2024.

Rice exports increased by 85.79 per cent from $0.57 billion in October 2023 to $1.05 billion in October 2024, and textiles exports increased by 35.06 per cent from $0.91 billion in October 2023 to $1.23 billion in October 2024. India’s exports have bounced back despite a slowdown in global trade.

The World Trade Organisation (WTO) has revised downwards its projection of world merchandise trade growth to 3 per cent in 2025, from its earlier estimate of 3.3 per cent. The multilateral trade body said that risks to the forecast remain firmly on the downside due to regional conflicts, geopolitical tensions, and policy uncertainty.