India's overall exports in October grows to USD 62.26 Billion
By TIOL News Service
NEW DELHI, NOV 16, 2023: INDIA's overall exports (Merchandise and Services combined) in October 2023 is estimated to be USD 62.26 Billion, exhibiting a positive growth of 9.43 per cent over October 2022. Overall imports in October 2023* is estimated to be USD 79.35 Billion, exhibiting a positive growth of 11.10 per cent over October 2022.
Table 1: Trade during October 2023*
|
|
|
April-October 2023 (USD Billion)
|
April-October 2022 (USD Billion)
|
|
Merchandise
|
Exports
|
244.89
|
263.33
|
|
Imports
|
391.96
|
430.47
|
|
Services*
|
Exports
|
192.65
|
181.37
|
|
Imports
|
103.22
|
104.09
|
|
Overall Trade
(Merchandise+ Services)*
|
Exports
|
437.54
|
444.70
|
|
Imports
|
495.17
|
534.56
|
|
Trade Balance
|
-57.64
|
-89.86
|
* Note: The latest data for services sector released by RBI is for September 2023. The data for October 2023 is an estimation, which will be revised based on RBI's subsequent release. (ii) Data for April-October 2022 and April-June 2023 has been revised on pro-rata basis using quarterly balance of payments data.
- India's overall exports (Merchandise and Services combined) in April-October 2023* are estimated to be USD 437.54 Billion, exhibiting a negative growth of (-) 1.61 per cent over April-October 2022. Overall imports in April-October 2023* are estimated to be USD 495.17 Billion, exhibiting a negative growth of (-) 7.37 per cent over April-October 2022.
Table 2: Trade during April-October 2023*
|
|
|
April-October 2023 (USD Billion)
|
April-October 2022 (USD Billion)
|
|
Merchandise
|
Exports
|
244.89
|
263.33
|
|
Imports
|
391.96
|
430.47
|
|
Services*
|
Exports
|
192.65
|
181.37
|
|
Imports
|
103.22
|
104.09
|
|
Overall Trade
(Merchandise+ Services)*
|
Exports
|
437.54
|
444.70
|
|
Imports
|
495.17
|
534.56
|
|
Trade Balance
|
-57.64
|
-89.86
|
MERCHANDISE TRADE
- Merchandise exports in October 2023 were USD 33.57 Billion, as compared to USD 31.60 Billion in October 2022.
- Merchandise imports in October 2023 were USD 65.03 Billion, as compared to USD 57.91 Billion in October 2022.
- Merchandise exports for the period April-October 2023 were USD 244.89 Billion as against USD 263.33 Billion during April-October 2022.
- Merchandise imports for the period April-October 2023 were USD 391.96 Billion as against USD 430.47 Billion during April-October 2022.
- The merchandise trade deficit for April-October 2023 was estimated at USD 147.07 Billion as against USD 167.14 Billion during April-October 2022.
- Non-petroleum and non-gems & jewellery exports in October 2023 were USD 24.57 Billion, compared to USD 21.99 Billion in October 2022.
- Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in October 2023 were USD 36.87 Billion, compared to USD 35.12 Billion in October 2022.
Table 3: Trade excluding Petroleum and Gems & Jewellery during October 2023
|
|
October 2023 (USD Billion)
|
October 2022 (USD Billion)
|
|
Non- petroleum exports
|
27.56
|
25.30
|
|
Non- petroleum imports
|
47.36
|
41.57
|
|
Non-petroleum & Non Gems & Jewellery exports
|
24.57
|
21.99
|
|
Non-petroleum & Non Gems & Jewellery imports
|
36.87
|
35.12
|
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
- Non-petroleum and non-gems & jewellery exports during April-October 2023 was USD 178.42 Billion, as compared to USD 182.24 Billion in April-October 2022.
- Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 246.50 Billion in April-October 2023 as compared to USD 260.01 Billion in April-October 2022.
Table 4: Trade excluding Petroleum and Gems & Jewellery during April-October 2023
|
|
April-October 2023 (USD Billion)
|
April-October 2022 (USD Billion)
|
|
Non- petroleum exports
|
197.02
|
206.19
|
|
Non- petroleum imports
|
292.01
|
307.50
|
|
Non-petroleum & Non Gems & Jewellery exports
|
178.42
|
182.24
|
|
Non-petroleum & Non Gems & Jewellery imports
|
246.50
|
260.01
|
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones
SERVICES TRADE
- The estimated value of services export for October 2023* is USD 28.70 Billion, as compared to USD 25.30 Billion in October 2022.
- The estimated value of services import for October 2023* is USD 14.32 Billion as compared to USD 13.51 Billion in October 2022.
- The estimated value of services export for April-October 2023* is USD 192.65 Billion as compared to USD 181.37 Billion in April-October 2022.
- The estimated value of services imports for April-October 2023* is USD 103.22 Billion as compared to USD 104.09 Billion in April-October 2022.
- The services trade surplus for April-October 2023* is estimated at USD 89.43 Billion as against USD 77.28 Billion in April-October 2022.
