Chinese cargo vessel 'San Fernando' arrives at the Vizhinjam international sea port, marking the first container ship's arrival at the newly-built port, in Thiruvananthapuram.
Credit: PTI Photo
New Delhi: India’s trade deficit widened to $27.14 billion in October from $20.78 billion recorded in the previous month due to a sharp increase in imports, even though exports touched a record high, official data showed on Thursday.
Merchandise exports rose by 17.3 per cent year-on-year to $39.2 billion in October, the highest-ever recorded for the month in the last decade. Merchandise imports increased to $66.34 billion, which is 3.9 per cent higher when compared with the same month last year.
“This has been an extremely good month for exports. If we continue in this manner, we will cross $800 billion of exports this year,” Commerce Secretary Sunil Barthwal told reporters.
Total exports (merchandise and services combined) increased by 7.77 per cent to $83.33 billion in October.
“Double-digit growth in merchandise exports, amidst continuing global economic uncertainties is definitely a very encouraging sign of revival,” said Ashwani Kumar, President, Federation of Indian Export Organisations (FIEO).
Growth in outbound shipments in October was driven by strong performances across key sectors such as engineering goods, electronics, and chemicals.
Engineering goods exports were valued at $11.26 billion in October 2024, up 39.4 per cent year-on-year. During the April-October period of the current fiscal year, engineering exports recorded 9.7 per cent year-on-year growth.
“North America and the European Union have been the topmost destinations for engineering exports. Under the Trump administration we hope that our bilateral trade with the US will get a further boost and engineering exporters will as a result benefit from it,” said Arun Kumar Garodia, Chairman, the Engineering Export Promotion Council (EEPC) of India.