India’s export surge in Oct. driven by electronics, engineering, agri products
India’s exports surge of 27.7% in October 2024 was due to growth being particularly strong in categories such as engineering goods, electronics, chemicals, textiles, marine products and rice, according to a CRISIL report. Growth improved in key core sectors such as engineering goods (39.4% vs 10.6%), drugs and pharmaceuticals (8.2% vs 7.2%), organic and inorganic chemicals (27.4% vs 11.2%) and electronic goods (45.7% vs 7.9%), the report highlights. Performance was healthy for agricultural exports as well, said the report.
Overall merchandise exports staged a strong comeback growing 17.3% on-year in October, the fastest in 28 months, to touch $39.2 billion. Services exports grew 14.6% year-on-year in September, up from 5.7% in August. Services imports grew at 13.2% on-year versus 8.8%. Thus, the services trade surplus rose to $16.1 billion in September compared to $13.8 billion in September 2023 and $13.9 billion in August 2024. This was the highest surplus post-January 2024 when it was $16.2 billion, CRISIL added, as per a report.
Source: Exim News Service: New Delhi, Nov. 18