India's Export Boom: A Promising October Surge

India's merchandise exports surged by 17.25% in October to USD 39.2 billion compared to the same month last year, while imports rose 3.9% to USD 66.34 billion, resulting in a trade deficit of USD 27.14 billion. The Commerce Secretary predicts potential exports of USD 800 billion this year.

India witnessed an impressive surge in its merchandise exports this October, achieving a 17.25% increase to USD 39.2 billion, up from USD 33.43 billion in the same month last year, according to government data released Thursday.

Imports, meanwhile, saw a modest hike of 3.9% to USD 66.34 billion compared to October of the previous year, which stood at USD 63.86 billion. This expansion in imports has led to a trade deficit of USD 27.14 billion for the month.

The Commerce Secretary, Sunil Barthwal, expressed optimism, highlighting that if the trend continues, India could surpass USD 800 billion in exports this fiscal year. Exports for April-October grew by 3.18% to USD 252.28 billion, while imports increased by 5.77% to USD 416.93 billion.

(With inputs from agencies.)