India's Exports and Imports Surge Amid Trade Targets

India's exports in October reached USD 73.21 billion, marking a 19.07% increase from last year. The government is optimistic about hitting a USD 800 billion full-year export target. Imports also rose, widening the trade deficit to USD 63.24 billion in 2024-25. New policies bolster this growth.

In a significant economic uptick, India's combined exports of merchandise and services surged to USD 73.21 billion in October, reflecting a 19.07% annual increase, according to Commerce Ministry data released Thursday. Last year's corresponding period reported exports of USD 61.48 billion. Notably, merchandise goods exports climbed from USD 33.43 billion to USD 39.20 billion, while service exports rose from USD 28.05 billion to USD 34.02 billion.

This growth trajectory places India's total exports from April to October 2024-25 at approximately USD 468.27 billion, showcasing a 7.28% year-on-year rise. Government officials remain optimistic about achieving the full-year export target of USD 800 billion. Meanwhile, imports increased, exacerbating the trade deficit, which has widened from USD 60.02 billion to USD 63.24 billion, a 5.36% increment so far in 2024-25.

Commerce Secretary Sunil Barthwal expressed confidence in India's export performance, highlighting April to October as a record period for non-petroleum exports. With previous records set at USD 778 billion in 2023-24 and USD 776.3 billion in 2022-23 for total exports, there is optimism looking forward. The government's initiatives, including the Production Linked Incentive (PLI) scheme, have been pivotal in propelling Indian manufacturing, ensuring global competitiveness, and enhancing exports.

(With inputs from agencies.)