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Economy 17-Nov, 2023

India’s overall exports in Oct 2023 estimated at $62.26 billion: New Delhi reports record merchandise trade deficit in October

By: Team India Tracker

India’s overall exports in Oct 2023 estimated at $62.26 billion: New Delhi reports record merchandise trade deficit in October

New Delhi’s merchandise exports in October 2023 stood at $33.57 billion as compared to $31.60 billion in October 2022. Image Source: IANS

The estimated value of services export for October 2023 is $28.70 Billion, as compared to $25.30 Billion in October 2022. The estimated value of services import for October 2023 is $14.32 Billion as compared to $13.51 Billion in October 2022.

According to the latest trade data released by the Ministry of Commerce and Industry, India’s overall exports (Merchandise and Services Combined) in the month of October 2023 have increased by around 9.43 percent year-on-year from $56.90 billion in October 2022 to $62.26 billion in October 2023. New Delhi’s merchandise exports in October 2023 stood at $33.57 billion as compared to $31.60 billion in October 2022. Talking about the service exports made by the country, it registered a positive growth as New Delhi exported more services in October 2023 as compared to the same month in 2022. Coming over to the imports, the value of overall imports in October 2023 was $79.35 billion, exhibiting a negative growth of -17.08 percent over October 2022. India had imported goods and services worth $71.42 billion in October 2022.

Source: Press Information Bureau

The month of December registered the highest exports of goods and services. December 2022 recorded exports worth $69.32 billion, highest in the previous financial year followed by June 2022 when the exports were recorded at $69.21 billion. On the other hand, the lowest exports worth $56.97 billion were recorded in the month of October. India’s total exports in the month of March 2023 stood at $66.14 billion. Though India’s total exports increased in the month of March to $66.14 billion from $63.02 billion in February, the exports in March 2023 declined by 7.53 percent as compared to March 2022. India’s total exports in the month of March 2022 stood at $71.52 billion. Talking about October 2023, India’s total exports stood at $62.26 billion.

When it comes to merchandise exports, 22 of the 30 key sectors exhibited positive growth in October 2023 as compared to same period last 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%), Engineering Goods (7.2%), Handicrafts Excl. Hand Made Carpet (4.72%), Tea (4.12%), Cashew (3.29%) and Jute Mfg. Including Floor Covering (0.42%).

Overall Trade during October

Source: Press Information Bureau

Non-petroleum and non-Gems & Jewellery exports register an increase by 11.74 percent from USD 21.99 Billion in October 2022 to USD 24.57 Billion in October 2023. Drugs and pharma exports grew by 29.31 percent in October 2023 at USD 2.42 Billion from USD 1.87 Billion in October 2022.

Merchandise exports in October 2023 were $33.57 Billion, as compared to $31.60 Billion in October 2022. Talking about merchandise imports in October 2023 were $65.03 Billion, as compared to $57.91 Billion in October 2022.

Merchandise Trade during October

Source: Press Information Bureau

Under merchandise imports, 10 out of 30 key sectors exhibited negative growth in October 2023. 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%).

The estimated value of services export for October 2023 is $28.70 Billion, as compared to $25.30 Billion in October 2022. The estimated value of services import for October 2023 is $14.32 Billion as compared to $13.51 Billion in October 2022.

Service Trade during October

Source: Press Information Bureau

The country’s service trade in FY2022-23 was recorded at $322.72 billion as compared to $254.53 billion in FY2021-22. In case of import of services, in FY2022-23 services worth $177.94 were imported as compared to $147.01 billion in FY2021-22. The data clearly indicates that the trade of services is extremely beneficial for India as the India has a trade surplus in case of services unlike the merchandise. In case of merchandise, India has been experiencing a trade deficit whereas in the case of service trade, it has been recording a trade surplus of $144.78 in FY2022-23 as against $107.52 billion in FY2021-22.

Source: Press Information Bureau

Compared to $181.37 billion in April-October 2022, the expected value of services exported during the same period in 2023 is $192.65 billion. From April to October 2023, the expected value of services imports is $103.22 billion, compared to $104.09 billion in the same period in 2022. Compared to $77.28 billion in April-October 2022, the services trade surplus for April-October 2023 is projected to reach $89.43 billion.

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