Domestic exports surge 9.4% in October; imports up 11.1%

The country's total exports surged as much as 9.4% to $62.26 billion in October this year, as against $56.90 billion in the same period last year, according to the latest data by the ministry of commerce and industry. Meanwhile, the total domestic imports stood at $79.35 billion, up 11.1%, as against $71.42 billion in the same period last year.

The merchandise exports surged to 6.21% in October at $33.57 billion as against $31.60 billion in the same period last year. In September this year, the merchandise exports stood at $34.47 billion.

The services exports surged 13.43% year-on-year to $28.70 billion during the month under review as against $25.30 billion in the same period last year. In September, the services exports stood at $29.37 billion.

The merchandise imports in October stood at $63.03 billion, up 12.2%, as against $57.91 billion in October 2022. The services imports during the month under review stood at $14.32 billion, up 5.99%, as against $14.32 billion in the same period last year.

Between April to October this year, the country’s merchandise exports however declined to $244.89 billion as against $263.33 billion in the same period last year. The country’s merchandise imports during the period under review stood at $391.96 billion as against $430.47 billion in the same period last year.

Between April to October this year, the domestic services exports stood at $181.37 billion as against $192.65 billion in the same period last year. The country’s domestic imports during the period under review stood at $103.22 billion as against $104.90 billion in the same period last year. Meanwhile, the overall trade deficit during April to October period reduced by 35.86% from $89.86 billion in 2022 to $57.64 billion in 2023. The country’s merchandise trade deficit also improved from $147.07 during the period under review, as against $167.14 billion in the same period last year.

Notably, the country’s non-petroleum and non-gems & jewellery exports registered an increase by 11.74%  from $21.99 billion in October 2022 to $24.57 billion in October 2023.

Drugs and pharma exports grew by 29.31% in October 2023 at $2.42 billion from $1.87 billion in October 2022. Engineering Goods exports record a growth of 7.2% from $7.55 billion in October 2022 to $8.09 billion in October 2023. Electronic goods exports registered a growth of 28.23% at $2.38 billion during October 2023 as compared to $1.85 billion in October 2022.

“For the month of October 2023, under merchandise exports, 22 of the 30 key sectors exhibited positive growth in October 2023 as compared to the same period last year (October 2022). These include iron ore (2595.91%), ceramic products & glassware (48.16%), tobacco (47.6%), cereal preparations & miscellaneous processed items (40.95%), meat, dairy & poultry products (38.57%), cotton yarn/fabs./made-ups, handloom products etc. (36.49%), oil seeds (29.7%), drugs & pharmaceuticals (29.31%), electronic goods (28.23%), fruits & vegetables (24.48%), oil meals (17.32%), carpet (16.63%), plastic & linoleum (12.83%), spices (10.78%), man-made yarn/fabs./made-Ups etc. (10.23%), coffee (8.45%), marine products (8.16%), engineering goods (7.2%), handicrafts excluding hand made carpet (4.72%), tea (4.12%), cashew (3.29%) and jute manufacturing including floor covering (0.42%),” says the ministry.