<p>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.</p>.<p>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.</p>.<p>“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.</p>.Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU.<p>Total exports (merchandise and services combined) increased by 7.77 per cent to $83.33 billion in October. </p>.<p>“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).</p>.<p>Growth in outbound shipments in October was driven by strong performances across key sectors such as engineering goods, electronics, and chemicals.</p>.<p>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.</p>.<p>“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.</p>
<p>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.</p>.<p>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.</p>.<p>“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.</p>.Russian oil finds its way to Europe via India; India now biggest exporter of fuel to EU.<p>Total exports (merchandise and services combined) increased by 7.77 per cent to $83.33 billion in October. </p>.<p>“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).</p>.<p>Growth in outbound shipments in October was driven by strong performances across key sectors such as engineering goods, electronics, and chemicals.</p>.<p>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.</p>.<p>“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.</p>