India is expected to have exported US$ 62.26 billion worth of goods and services in October 2023, a positive increase of 9.43% from October 2022. The expected value of all imports in October 2023 is US$ 79.35 billion, a positive growth of 11.10% over October 2022.
India is expected to have exported US$ 437.54 billion worth of merchandise and services during April-October 2023, a slight decrease of 1.61% from April-October 2022. The estimated total value of imports during April-October 2023 is US$ 495.17 billion, representing a negative growth of 7.37% in comparison to the same period in 2022.
In October 2023, the merchandise exports stood at US$ 33.57 billion as against US$ 31.6 billion in October 2023. On the other hand, merchandise imports in October 2023 were US$ 65.03 billion as against US$ 57.91 billion in October 2022.
During April-October 2023, the merchandise exports were valued at US$ 244.89 billion as against US$ 263.33 billion during the same period the previous year. In this period, merchandise imports were valued at US$ 391.96 billion as against US$ 430.47 billion during April-October 2023.
Moreover, October 2023 exports of jewellery and non-gems and petroleum were US$ 24.57 billion, up from October 2022 exports of US$ 21.99 billion. Imports of non-petroleum, non-gems, and jewellery (gold, silver, and precious metals) totalled US$ 36.87 billion in October 2023 as opposed to US$ 35.12 billion in the same month the previous year.
During April-October 2023, the non-petroleum and non-gems & jewellery exports were valued at US$ 178.42 billion, and the imports were valued at US$ 246.5 billion.
In October 2023, the estimated value of services exports is US$ 28.7 billion and that of imports is US$ 14.32 billion. During April-October 2023, the estimated value of services export is US$ 192.65 billion and that of services import is US$ 103.22 billion. The services trade surplus for April-October 2023 is estimated at US$ 89.43 billion as against US$ 77.28 billion in April-October 2022.
Out of the 30 major sectors under merchandise exports, 22 showed positive growth in October 2023 compared to the same period the previous year (October 2022). These include iron ore (2595.91%), ceramic products & glassware (48.16%), tobacco (47.6%), cereal preparations & miscellaneous processed items (40.95%), meat, dairy & poultry products (38.57%), cotton yarn/fabs./made-ups, handloom products etc. (36.49%), oil seeds (29.7%), drugs & pharmaceuticals (29.31%), electronic goods (28.23%), fruits & vegetables (24.48%), oil meals (17.32%), carpet (16.63%), plastic & linoleum (12.83%), spices (10.78%), man-made yarn/fabs./made-ups etc. (10.23%), coffee (8.45%), marine products (8.16%), handicrafts excl. handmade carpet (4.72%), tea (4.12%), cashew (3.29%) and jute manufacturing including floor covering (0.42%).
In October 2023, 10 of the 30 major sectors under merchandise imports showed negative growth. These include cotton raw & waste (-78.69%), vegetable oil (-35.7%), fertilisers, crude & manufactured (-34.58%), transport equipment (-33.99%), pulp and waste paper (-33.38%), newsprint (-33.08%), project goods (-23.73%), pearls, precious & semi-precious stones (-9.76%), wood & wood products (-7.82%), and leather & leather products (-5.38%).
Furthermore, as compared to April-October 2022, 14 of the 30 major sectors under merchandise exports showed positive development in April-October 2023. Iron ore (157.03%), oil meals (37.71%), electronic goods (27.7%), oil seeds (24.39%), ceramic products & glassware (23.65%), tobacco (12.99%), fruits & vegetables (12.82%), drugs & pharmaceuticals (8.14%), cereal preparations & miscellaneous processed items (6.32%), cotton yarn/fabs./made-ups, handloom products etc. (5.65%), meat, dairy & poultry products (4.54%), coffee (4.02%), spices (2.35%), and cashew (0.72%) are some of these. Electronic goods exports experienced a surge of 27.70% during April-October 2023, totalling US$ 15.48 billion, compared to US$ 12.13 billion in the same period in 2022.
