Why in news
India's goods exports surged by 17.25% in October 2024, reaching $39.2 billion, marking the second-best export figure this year.
This follows a sluggish 1% growth in the first half of the year.
India’s merchandise imports hit a record high of $66.34 billion in October, rising by 3.9% compared to the previous month.
This was driven mainly by higher imports of gold and petroleum
The trade deficit widened to $27.14 billion in October, the second highest this year and the third highest ever.
Although gold imports dropped slightly by 1.4%, they were 62% higher than in September
Petroleum imports surged by 13.3% year-on-year to $18.3 billion
In contrast, petroleum exports dropped by 22.1% to $4.58 billion in October
India's export growth was driven by strong performances in sectors like engineering goods, chemicals, electronics, textiles, and ready-made garments
COMMENTS