Record imports eclipse October’s rare uptick in exports
The Hindu
India’s goods exports grew only for the second time in 2023-24 in October, albeit on a low base, rising 6.2% to $33.6 billion, but imports jumped to a record high of $65.03 billion, 12.3% over last year, fuelled by higher gold inflows.
India’s goods exports grew only for the second time in 2023-24 in October, albeit on a low base, rising 6.2% to $33.6 billion, but imports jumped to a record high of $65.03 billion, 12.3% over last year, fuelled by higher gold inflows.
Consequently, India’s monthly goods trade deficit widened to an all-time high of $31.46 billion, eclipsing the previous record of $29.23 billion in September 2022. October’s outbound shipments’ value was also the lowest since last November, and 2.5% below September’s tally.
“October’s trade figures, with goods exports rising 6.2%, along with indications from the first week of November, confirm that green shoots that we spotted in August are now stabilising,” Commerce Secretary Sunil Barthwal said, “I am very hopeful that we will cross last year’s high export numbers in 2023-24, despite a dip in commodity prices,” he added.
In 2022-23, India’s goods exports had crossed $450 billion. Between April and October this year, merchandise exports stand at nearly $245 billion, 7% below last year’s figure in the same period as per provisional Commerce Ministry data released on Wednesday.
Officials stressed that though volumes of exports have been rising or stable for some commodities, lower prices vis-à-vis last year were responsible for dragging overall shipment values.
October’s 6.2% uptick in goods exports is only the second time in nine months that overseas shipments have risen. In August, exports had hit a five-month high of $38.4 billion, reflecting a 3.8% growth over last year.
Record imports
While residents are worried over deaths due to diarrhoea in Vijayawada, officials still grapple to find the root cause. Contaminated drinking water supplied by VMC officials is the reason, insist people in the affected areas, but officials insist that efforts are on to identify the disease and that those with symptoms other than diarrhoea too are visiting the health camps.