India's merchandise exports grew by 17.25 percent to reach $39.2 billion in October 2024. This is the biggest increase in exports in the last two years. Exports were $33.43 billion in October 2023, while this year this figure has increased to $39.2 billion.

Trade deficit narrowed

Although the country's imports have also increased, the trade deficit has come down to $27.14 billion this month. It was $30.42 billion in October last year. In this way, a reduction in the trade deficit has been observed, which is a positive sign for the Indian economy.

Imports also increased

Imports rose 3.9 percent to $66.34 billion in October. The main reason for this increase is the 13.34 percent increase in crude oil imports. Crude oil imports stood at $18.2 billion this month. However, gold and silver imports have declined slightly.

Rise in service exports

Service exports have also increased in October. Service exports from April to October this year stood at $215.98 billion, while in the same period last year, it was $191.97 billion. The increase in exports of the service sector is helping in India's economic growth.

Positive signs for exports

Commerce Secretary Sunil Barthwal said that the growth in exports is encouraging. If this momentum continues, India can surpass the export target of $800 billion this year. The government is focusing on 6 major sectors such as engineering, electronics, pharmaceuticals, chemicals, plastics, and agriculture.

Plans to expand penetration in foreign markets

The Indian government has made several schemes to promote Indian products in the global market. Trade promotion programs are being organized to increase economic penetration in 20 major countries. These countries account for 60 percent of global imports, and the government is working to promote Indian exports to these countries.