Export-Import Data Update: Due to increase in imports in October 2023, the country’s merchandise trade deficit has reached a record level of $ 31.46 billion, which was $ 26.3 billion in the same month exactly a year ago. . Merchandise export in October 2023 was $33.57 billion which was $31.60 billion in October 2022 last year. Whereas the import was 65.03 billion dollars in October 2023 which was 57.91 billion dollars in October 2022.
Commerce Ministry has released trade data for the month of October. According to this data, experts estimated the value of both merchandise and services together to be $62.26 billion which was $56.90 billion in October 2022. There has been an increase of 9.43 percent in exports as compared to October 2022. Imports have been $79.35 billion which was $71.42 billion in October 2022. That means imports have increased by 11.10 percent. Including merchandise and services, the trade deficit in October 2023 was $17.08 billion, which was $14.52 billion in the same month of 2022.
According to the data, exports including merchandise and services during the months of April to October in the financial year 2023-24 were 437.54 billion dollars, which is 1.61 percent less as compared to April – October 2022. Whereas during April to October, the import was worth 495.17 billion dollars and it has declined by 7.37 percent as compared to the same period last year.
Merchandise exports stood at $244.89 billion from April to October 2023 while imports stood at $263.33 billion during this period. Merchandise import during this period stood at $391.96 billion while imports stood at $430.47 billion. Merchandise trade deficit stood at $147.07 billion during April to October 2023 compared to $167.14 billion in the same period last year.
According to the data of Commerce Ministry, there is a jump of 28.23 percent in the export of electronics goods. There has been a record growth of 7.2 percent in engineering exports while drugs and pharma exports have increased by 29.31 percent.
Read this also
Get more latest business news updates