According to the data released by the Ministry of Commerce and Industry(MoC&I), India’s total exports (Merchandise and Services combined) for October 2024 are projected to be USD 73.21 billion, showing a positive growth of 19.08% from October 2023.
- Total imports (Merchandise and Services combined) for October 2024 are estimated at USD 83.33 billion, attaining a growth of 7.77% from October 2023.
Cumulative exports during April-October2024 are projected to be USD 468.27 billion showing a growth of 7.28%.
- Cumulative imports during April-October 2024 are estimated at USD 531.51 billion, increasing by 7.05%.
Trade in October 2024 & April – October 2024
| October 2024 (USD Billion) | April –October 2024 (USD Billion) | ||
|---|---|---|---|
| Merchandise | Exports | 39.20 | 252.28 |
| Imports | 66.34 | 416.93 | |
| Services | Exports | 34.02 | 215.98 |
| Imports | 17.00 | 114.57 | |
| Total Trade (Merchandise +Services) | Exports | 73.21 | 468.27 |
| Imports | 83.33 | 531.51 | |
| Trade Balance | -10.12 | -63.24 |
Merchandise Trade:
i.Merchandise exports during October 2024 were USD 39.20 billion as compared to USD 33.43 billion in October 2023 while the Merchandise imports were USD 66.34 billion in October 2024 as compared to USD 63.86 billion in October 2023.
ii.Merchandise exports during April-October 2024were USD 252.28 billion as compared to USD 244.51 billion during April-October 2023 while the Merchandise imports were USD 416.93 billion in April- October 2024 as compared to USD 394.18 billion during April-October 2023.
- Merchandise trade deficit during April-October 2024 was USD 164.65 billion as compared to USD 149.67 billion during April-October 2023.
- Merchandise trade deficit during October 2024 were USD 27.14 billion from USD 20.78 billion in September 2024.
Trade excluding Petroleum and Gems & Jewellery :
i.Non-petroleum and non-gems and jewellery exports (gold, silver & precious metals) in October 2024 were USD 31.36 billion as compared to USD 24.56 billion in October 2023.
- Non-petroleum, non-gems & jewellery imports in October 2024 were USD 39.21billion compared to USD 37.23 billion in October 2023.
ii.Non- petroleum and non-gems & jewellery exports in April-October 2024 were USD 194.17 billion as compared to USD 178.28 billion in April-October 2023.
- Non-petroleum, non-gems & jewellery imports in April-October 2024 were USD 261.92 billion, compared to USD 248.57 billion in April-October 2023.
Trade excluding Petroleum and Gems & Jewellery:
| October 2024 (USD Billion) | April-October 2024 (USD Billion) | |
|---|---|---|
| Non- petroleum exports | 34.61 | 211.34 |
| Non- petroleum imports | 48.04 | 309.78 |
| Non-petroleum & Non-Gems & Jewellery exports | 31.36 | 194.17 |
| Non-petroleum & Non-Gems & Jewellery imports | 39.21 | 261.92 |
Services Trade:
i.The value of services export for October 2024 is estimated to be USD 34.02 billion as compared to USD 28.05 billion in October 2023.
- The value of services imports for October 2024 is expected to reach USD 17 billion as compared to USD 13.46 billion in October 2023.
ii.The value of service exports during April-October 2024 is estimated to be USD 215.98 billion as compared to USD 191.97 billion in April-October 2023.
- The value of service imports during April-October 2024 is projected to reach USD 114.57 billion as compared to USD 102.32 billion in April-October 2023.
iii.The services trade surplus for April-October 2024 will be USD 101.41 Billion as compared to USD 89.64 Billion in April-October 2023.
Growth of exports and imports :
i.During October 2024, the following products showed a positive growth in comparison to October 2023 –
- Rice (85.79%)
- Electronic Goods (45.69%)
- Engineering Goods (39.37%)
- Jute Mfg. Including Floor Covering (37%)
- Rmg Of All Textiles (35.06%)
- Tobacco (34.3%)
- Handicrafts Excl. Hand Made Carpet (32.66%)
- Coffee (32.38%)
- Spices (30.91%)
- Organic & Inorganic Chemicals (27.35%)
- Mica, Coal & Other Ores
- Minerals Including Processed Minerals (25%)
- Plastic & Linoleum (23.3%)
- Carpet (16.78%)
- Fruits & Vegetables (15.91%)
- Cereal Preparations & Miscellaneous Processed Items (13.35%)
- Man-Made Yarn/Fabs. /Made-Ups Etc. (12.89%)
- Leather & Leather Products (12.33%)
- Tea (9.3%), Gems & Jewellery (8.77%)
- Drugs & Pharmaceuticals (8.21%)
- Meat, Dairy & Poultry Products (7.71%)
- Cashew (7.22%)
- Cotton Yarn/Fabs. /Made-Ups, Handloom Products Etc. (6.97%)
- Marine Products (3.88%)
- Oil Seeds (2.65%)
ii.The following goods showed a negative growth in Imports during October 2024 in comparison to October 2023 –
- Silver (-74.76%)
- Pearls, Precious & Semi-Precious Stones (-29.46%)
- Coal, Coke & Briquettes, etc. (-28.34%)
- Leather & Leather Products (-19.41%)
- Newsprint (-16.85%)
- Transport Equipment (-11.82%)
- Project Goods (-6.16%)
- Fertilisers, Crude & Manufactured (-3.99%)
- Gold (-1.43%)
- Organic & Inorganic Chemicals (-1.39%)
iii.Services exports is projected to grow by 12.51% during April-October 2024 over April-October 2023.
Top Export and Import Countries :
i.Top 5 export destinations, in terms of change in value, that showed positive growth in October 2024 are Singapore (197.39%), United Arab Emirates (UAE) (43.32%), the United States of America (USA) (11.47%), the United Kingdom (UK) (42.12%) and Australia (60.41%).
- Top 5 export destinations, in terms of change in value, that showed positive growth in April-October 2024 are the Netherlands (32.92%), the UAE (15.86%), the USA (6.31%), Singapore (20.78%) and the UK (16.23%).
ii.Top 5 import sources, in terms of change in value, exhibiting growth in October 2024 are UAE (70.37%), Russia (25.98%), Taiwan (82.76%), Peru (142.69%) and Angola (425.33%).
- Top 5 import sources, in terms of change in value, registering growth in April-October 2024 are UAE (55.12%), China (9.8%), Russia (8.85%), Taiwan (45.45%) and Angola (99.84%).
About Ministry of Commerce and Industry(MoC&I):
Union Minister – Piyush Goyal( Constituency – Mumbai North, Maharashtra)
Minister of State(MoS) – Jitin Prasada( Constituency – Pilibhit, Uttar Pradesh, UP)
