India’s overall trade
Context:
In October 2023, India experienced a significant surge in overall exports, witnessing a notable 9.43% increase compared to the figures from October 2022.
Relevance:
GS-03 (Indian Economy)
Main Details:
- The estimated value of India’s overall exports in October 2023 stands at USD 62.26 billion.
- This represents a substantial year-on-year (YOY) growth of 9.43%.
- Merchandise exports specifically recorded a commendable growth of 6.21% during the same period.
- The services export sector is projected to witness a growth of 6.22%.
- During the period of April to October, the overall trade deficit saw a substantial reduction of 35.86%.
- Several key sectors contributed significantly to this export growth, including Drugs & Pharmaceuticals, Engineering Goods, Electronic Goods, Cotton Yarn/Fabs./made-ups, Handloom Products, Iron Ore, Ceramic products & glassware, and Meat, dairy & poultry products.
