Exports jump 17.25 pc in Oct highest in over 2 years trade deficit widens

     New Delhi, Nov 14 (PTI) India's merchandise exports in October rose by an impressive 17.25 per cent, highest in over two years, to USD 39.2 billion, while the trade deficit widened to USD 27.14 billion.
     According to the government data released on Thursday, imports increased by 3.9 per cent to USD 66.34 billion in October compared to USD 63.86 billion in the year-ago period.
     The trade deficit (gap between imports and exports) narrowed as compared to USD 30.42 billion recorded in October last year. However, it has widened from USD 20.78 billion recorded in September this year.
     India's merchandise exports had marginally risen by 0.5 per cent to USD 34.58 billion in September.
     During April-October this fiscal, exports increased by 3.18 per cent to USD 252.28 billion, and imports by 5.77 per cent to USD 416.93 billion.
     Commenting on the data, Commerce Secretary Sunil Barthwal said, "This has been an extremely good month for exports...If we continue in this manner, we will cross USD 800 billion of exports (goods and services together) this (fiscal) year."
     He said that the government's strategy to focus on six sectors -- engineering, electronics, pharma, chemicals, plastics and agriculture -- as well as 20 countries is yielding positive result.
     These 20 countries account for 60 per cent of the total global imports and these six segments have a share of 67 per cent in global imports.
     The commerce ministry has undertaken deeper economic integration in these nations through market access initiatives, promotion of brand India, addressing non-tariff barriers and conducting trade promotion events.
     Barthwal also said that they are holding a series of meetings with Indian missions abroad to promote shipments.
     "We are formulating strategies to promote exports in these focus countries and I am sure that the strategy will help us in showing excellent result by end of this year," he added.
     Healthy christmas demands could be one of the reasons for exports to register double digit growth in October.
     Meetings were already held with key European nations. A similar exercise is planned for America and Asia-Pacific nations, Africa and middle east countries.
     Crude oil imports in October rose to USD 18.2 billion from USD 16.1 billion in the same month last year.
     Gold and Silver imports, on the other hand, slightly dipped to USD 7.13 billion and USD 0.33 billion during the month under review from USD 7.23 billion and USD 1.31 billion in October 2023, respectively.

(This story has not been edited by THE WEEK and is auto-generated from PTI)