India’s goods exports rose sharply in October. According to government data released on Thursday, India’s exports rose 17.25 percent to $39.2 billion in October. India’s merchandise exports rose 17.25 percent to $39.2 billion in October, compared with $33.43 billion a year ago. According to PTI News, imports rose 3.9 percent to $66.34 billion in October, compared to $63.86 billion a year ago. Furthermore, the country’s exports of goods and services are estimated to exceed $800 billion in the current fiscal year due to government support and competitive products from domestic companies.
Exports during April-October 252.28 billion dollars
According to news reports, the trade deficit or difference between imports and exports in October was $27.14 billion. India’s merchandise exports increased marginally by 0.5 per cent to US$34.58 billion in September. During April-October of the current financial year, exports increased by 3.18 per cent to $252.28 billion, while imports increased by 5.77 per cent to $416.93 billion. Commenting on the figures, Commerce Secretary Sunil Barthwal said this month has been very good for exports. If we continue to advance like this, exports will exceed 800 billion dollars this year.
Export goal of 2 trillion dollars by 2030
India’s exports of goods and services in fiscal year 2023-24 have amounted to $778 billion. Last Monday, Commerce and Industry Minister Piyush Goyal said that a collective effort is needed to achieve the huge export target of $2 trillion by 2030. Over the last five years, the competitiveness of exports from India has risen rapidly in sectors like oil, gems, agrochemicals and sugar. This information has been given in the data of the Ministry of Commerce. India has increased its share of global trade in these sectors during 2018 and 2023.
Latest business news
