New Delhi:
India’s merchandise trade deficit increased to $27.14 billion in October 2024, mainly on a rise in imports despite exports increasing. The exports during the month rose at a 28-month high pace of 17.26 per cent year-on-year to $39.2 billion, while imports increased 3.88 per cent to $66.34 billion, according to the latest government data.
In the previous month of September 2024, merchandise exports were $34.58 billion and imports stood at $55.36 billion.
India’s total exports are expected to rise above $800 billion in the fiscal year ending in March 2025, Trade Secretary Sunil Barthwal told reporters after the release of the trade numbers.
The export performance was expected to remain strong, driven by government’s strategy to focus on selective products and markets, he said.
India’s total exports touched $776.68 billion last fiscal year, according to government estimates, almost at the same level as a year ago.
“Engineering and electronic goods are some of the focus sectors. They are doing well,” the official said, citing the rise in exports of these items during the first seven of the fiscal year.
Engineering exports rose to $67.49 billion during April-October, compared to $61.5 billion from a year earlier, and electronics goods shipments rose to $19.07 billion from $15.42 billion during the same period, the data showed.
Merchandise trade deficit in April-October period rose to $164.65 billion, up 10% from $149.67 billion a year ago.
In October, services exports were estimated at $34.02 billion, and imports at $17 billion against $30.61 billion and $16.32 billion, respectively, in the previous month.
Gold imports rose to $7.13 billion in October, up from $4.39 billion in the previous month, while crude oil imports rose to $18.2 billion from $12.5 billion, the data showed.
Bullion imports had risen to $10.06 billion in August, the highest since March 2021, after the government slashed the import tariff on the yellow metal in July.
