India adds $27.14 bn to its FY25 trade deficit in October to take it to $164.65 bn
15 Nov 2024
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India added $27.14 billion to its merchandise trade deficit in October 2024, taking the combined trade deficit of the country for the April-October period of the 2024-25 fiscal to $164.65 billion.
The country exported goods valued at $39.2 billion in October 2024, which is 17.23 per cent higher compared to exports valued at $33.43 billion in October 2023.
The cumulative value of merchandise exports from the country during April-October 2024 stood 3.18 per cent higher at $252.28 billion compared to exports valued at $244.51 billion during April-October 2023.
Merchandise imports into the country stood at $66.34 billion in October 2024, against imports valued at $63.86 billion in October 2023.
For the April-October 2024 period, the country imported goods valued at $416.93 billion against goods valued at $394.18 billion during April-October 2023.
The country saw its merchandise trade deficit increase to $164.65 billion in April-October 2024 from $149.67 billion during April-October 2023.
Major items contributing to growth in merchandise exports included engineering goods, electronic goods, chemicals, rice and ready-made darments.
Engineering goods exports from the country increased by 39.37 per cent to $11.26 billion in October 2024 from $8.08 billion in October 2023.
Export of electronic goods, including mobile phones, increased by 45.69 per cent to $3.43 billion in October 2024 from $2.36 billion in October 2023.
Export of chemicals increased by 27.35 per cent to $2.72 billion in October 2024 from $2.14 billion in October 2023.
Rice exports from the country saw an 85.79 per cent jump to $1.05 billion in October 2024 from $0.57 billion in October 2023.
Export of ready-made garments increased by 35.06 per cent to $1.23 billion in October 2024 from $0.91 billion in October 2023.
India’s top 5 export markets in October 2024, in terms of a growth in export value in April-October 2024 were The Netherlands (32.92 per cent), UAE (15.86 per cent), US (6.31 per cent), Singapore (20.78 per cent) and UK (16.23 per cent).
Top 5 sources of imports, in terms of growth in value in October 2024 included UAE (70.37 per cent), Russia (25.98 per cent), Taiwan (82.76 per cent), Peru (142.69 per cent) and Angola (425.33 per cent).
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