Informist, Thursday, Nov. 14, 2024
--India Oct exports $39.20 bln vs $33.43 bln yr ago
--India Oct imports $66.34 bln vs $63.86 bln yr ago
--India Oct trade deficit $27.14 bln vs $30.43 bln year ago
--India Apr-Oct exports $252.28 bln vs $244.51 bln yr ago
--India Apr-Oct imports $416.93 bln vs $394.18 bln yr ago
--India Apr-Oct trade deficit $164.65 bln vs $149.67 bln year ago
--India Oct non-oil imports at $48.04 bln vs $47.72 bln yr ago
--India Oct merchandise imports at all-time high of $66.34 bln
--India Oct non-oil exports at $34.61 bln vs $27.55 bln yr ago
--India Apr-Oct oil imports $107.16 bln vs $100.10 bln yr ago
--India Apr-Oct gold imports $34.22 bln, up 16% YoY
--India Apr-Oct petroleum pdts exports $40.94 bln vs $47.63 bln yr ago
--India Apr-Oct goods imports from Russia at $38.81 bln, up 9% YoY
--India Oct electronic goods exports $3.43 bln vs $2.36 bln yr ago
--India Oct gold imports $7.13 bln, down 1% YoY
--India Oct engineering goods export $11.26 bln
--India Oct merchandise exports up 17.3%, highest on-year growth in 28 mos
--India Oct crude oil import $18.2 bln
--Govt:See exports to US growing in long run irrespective of administration
--Trade secy: Rising India-US econ integration to aid exports
NEW DELHI – India's merchandise trade deficit narrowed to $27.14 billion in October from $30.43 billion a year ago, thanks to a sharp increase in exports even as imports rose to an all-time high, data released by the commerce ministry on Thursday showed. In September, India's trade deficit was $20.78 billion.
Goods exports rose 17.3% on year to a five-month high of $39.20 billion in October. At 17.3%, the year-on-year rise in exports was the highest in 28 months. Merchandise imports, meanwhile, rose 3.9% on year to a record high of $66.34 billion. In September, exports had risen 0.5% on year to $34.58 billion, while imports had increased 1.6% on year to $55.36 billion.
For Apr-Oct, India's merchandise trade deficit was $164.65 billion, up 10.0% from $149.67 billion in the year-ago period. Exports in Apr-Oct totalled $252.28 billion, up 3.2% compared to Apr-Oct of 2023, while imports were 5.8% higher at $416.93 billion.
Merchandise exports increased in October because of inventory build-up ahead of Christmas sales, Commerce Secretary Sunil Barthwal said at a press conference, at which the trade data was detailed. Non-oil exports surged in October, up 25.6% at $34.61 billion.
Exports of engineering goods rose to $11.26 billion in October from $8.08 billion a year ago. Electronic goods exports rose to $3.43 billion in October from $2.36 billion a year ago. In Apr-Oct, exports of petroleum products moderated to $40.94 billion from $47.63 billion a year ago.
Non-oil imports were up 0.7% on year at $48.04 billion last month, while gold imports fell 1.0% to $7.13 billion. In Apr-Oct, gold imports rose 16.0% to $34.22 billion, while oil imports were up 7.1% at $107.16 billion.
China remained India's biggest source nation for imports, followed by Russia and the United Arab Emirates. India imported goods worth $65.89 billion from China in Apr-Oct compared to $60.01 billion a year ago. Imports from Russia were up 8.9% on year at $38.81 billion.
The US was India's biggest export market in Apr-Oct. India exported goods worth $47.24 billion to the world's largest economy in the first seven months of 2024-25 (Apr-Mar), higher than $44.44 billion a year ago. Barthwal said the government expects exports to the US growing in the long run, irrespective of the administration. In fact, rising India-US economic integration is likely to support exports, Barthwal said.
The following tables detail trade data for October and Apr-Oct, in billion dollars, and the percentage changes:
| October 2024 | October 2023 | Year-on-year change (%) | |
| Exports | 39.20 | 33.43 | 17.2 |
| Engineering goods | 11.26 | 8.08 | 39.4 |
| Gems and jewellery | 3.25 | 2.99 | 8.8 |
| Petroleum products | 4.59 | 5.88 | (-)22.1 |
| Imports | 66.34 | 63.86 | 3.9 |
| Oil imports | 18.3 | 16.14 | 13.3 |
| Non-oil imports | 48.04 | 47.72 | 0.7 |
| Electronic goods | 8.35 | 7.82 | 6.8 |
| Gold | 7.13 | 7.23 | (-)1.4 |
| Trade deficit | 27.14 | 30.43 | (-)10.8 |
| Apr-Oct | Apr-Oct | Year-on-year change (%) | |
| 2024-25 | 2023-24 | ||
| Exports | 252.28 | 244.51 | 3.2 |
| Imports | 416.93 | 394.18 | 5.8 |
| Oil imports | 107.16 | 100.1 | 7.1 |
| Non-oil imports | 309.78 | 294.08 | 5.3 |
| Gold imports | 34.22 | 29.48 | 16.1 |
| Trade deficit | 164.65 | 149.67 | 10.0 |
End
US$1 = INR 84.40
Reported by Shubham Rana and Krity Ambey
Edited by Avishek Dutta
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