India’s Exports Surge in October 2024

November 19, 2024

India’s export landscape experienced remarkable growth in October 2024 with the core group of exports rising by 27.7% compared to the previous year and this growth spanned various sectors reflecting a robust economic performance.

Key Export Sectors

Engineering goods led the charge with a 39.4% increase. Electronic goods followed closely, showing a staggering 45.7% growth. Chemicals also performed well, rising by 27.4%. Drugs and pharmaceuticals saw an 8.2% increase, indicating steady demand.

Agricultural Export Highlights

Agricultural exports thrived particularly rice, which surged by 85.8%, which followed the government’s decision to lift rice export restrictions. Other agricultural products like cashews (7.2%), fruits and vegetables (15.9%), tea (9.3%), and spices (30.9%) also reported important growth.

Labour-Intensive Sector Performance

Labour-intensive sectors showed strong export performance. Readymade garments increased by 35.1%. Handicrafts rose by 32.7%, and leather products grew by 12.3%. However, ceramic products and glassware experienced a decline of 6.1%.

Import Trends

Imports of gold fell by 1.4%, and imports of precious stones dropped by 29%. Electrical goods imports remained positive but slowed to 8.7%. Conversely, vegetable oil imports surged by 50.9%, reversing the previous month’s decline.

Overall Export Growth

India’s total merchandise exports reached $39.2 billion in October, marking a 17.3% year-on-year increase. This growth represents the fastest rate in 28 months. Services exports also grew, increasing by 14.6% in September.

Services Trade Surplus

India’s services trade surplus expanded to $16.1 billion in September. This figure represents an increase from $13.8 billion in September 2023. The surplus is the highest recorded since January 2024.

Important Facts for Exams:
CRISIL: CRISIL is a global analytical company based in India. It provides ratings research risk and policy advisory services. The firm is a subsidiary of S&P Global Inc.
Merchandise Exports: Merchandise exports refer to the sale of physical goods to foreign countries. They are important component of a nation’s economy and trade balance.
Labour-Intensive Sectors: Labour-intensive sectors rely heavily on human labour rather than capital. They often include textiles garments and handicrafts. These sectors are vital for job creation in developing economies.

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