India’s merchandise exports in October rose by an impressive 17.25%, the highest in over two years, to $39.2 billion. The trade deficit was widened to $27.14 billion. Imports increased by 3.9% to $66.34 billion in October compared to $63.86 billion in the year-ago period.
Government’s strategy to focus on six sectors — engineering, electronics, pharma, chemicals, plastics and agriculture — as well as 20 countries is yielding positive results. Indian govt is formulating strategies to promote exports in these focus countries and I am sure that the strategy will help us in showing excellent results by the end of this year. As per the government data, for October, the top 5 export destinations, in terms of change in value, exhibiting positive growth are Singapore (197.39%), UAE (43.32%), USA (11.47%), UK (42.12%) and Australia (60.41%).
Meanwhile, India’s merchandise trade deficit in October narrowed to $27.14 billion from $33.43 billion on a yearly basis, as per the data released by the government.
