Pushed by a 23.7% surge in electronics sales to $19.07 billion, India’s exports hit $252.28 billion, alongside substantial gains in engineering and pharma sectors.
India’s merchandise exports showed consistent growth from April to October, totalling $252.28 billion, an increase from $244.51 billion in the same period last year. According to a report by the Mint, this year-on-year (YoY) positive performance was driven by demand for Indian goods across various sectors, mainly electronics, pharmaceuticals, and engineering goods.
Exports of electronic goods surged by 23.7% YoY, reaching $19.07 billion, while engineering goods also saw a 9.73% increase, totalling $67.49 billion. Pharmaceuticals grew by 7.97%, reaching $17.05 billion.
Other sectors, such as organic and inorganic chemicals, handcrafts, tobacco, and rice, also posted strong growth. Tobacco exports, in particular, grew by 38.1%, while handcraft exports saw a 13.9% increase.
However, some traditionally strong sectors like petroleum, gems, and jewellery faced declines. Petroleum exports fell by 14.04% to $40.94 billion, impacted by reduced European demand due to disruptions in the Red Sea and high production costs.
Similarly, the gems and jewellery sector saw a 7.73% decline to $17.17 billion, as competition from lab-grown diamonds and ongoing supply chain issues, mainly related to the Russia-Ukraine war, affected exports.
October exports reached $39.2 billion, up from $34.58 billion in September and $33.43 billion a year earlier, highlighting solid month-on-month (MoM) growth. The report predicted that this number is expected to reach around $435 billion by FY2025.
Besides, geopolitical tensions, including the Russia-Ukraine war, and global supply chain disruptions are affecting trade. High crude oil prices, trade route disruptions, and the EU’s proposed carbon tax are also increasing costs and complicating trade with Europe.
Still, with a mixed export performance across sectors, there is a need for continued focus on strategic markets and sectors to sustain growth amid these challenges.