India’s merchandise exports recover ahead of rest of Asia
India’s merchandise exports were up 6.2 per cent YoY in October 2023 and 2.4 per cent on YoY basis in the Aug.-Oct.’23 period, recovering slightly ahead of the rest of Asia’s exports, according to a report by ICICI Securities. Given the broadbased cyclical rebound in engineering goods, textile and pharmaceutical exports, India’s merchandise exports are seen to accelerate further through the rest of FY’24 and into FY’25, as per a report.
South Korea’s exports grew by 5.1 per cent on-year in October 2023 after 13 consecutive months of contraction, while Taiwan’s exports declined only 2.8 per cent YoY in Aug.-Oct.’23, although they were down 12.8 per cent YoY in Jan.-Oct.’23. China, however, was a slight exception with its goods exports declining 8.2 per cent YoY in Aug.-Oct.’23, worse than its Jan.-Oct.’23 contraction of 5.2 per cent YoY, similar to India’s 4.9 per cent YoY decline for Jan.-Oct.’23, the report added.
Source: Exim News Service: New Delhi, Nov. 30