India records highest exports of decade in October, reaching USD 39.2 billion milestone

According to official data released by the Directorate General of Commercial Intelligence and Statistics, India has achieved a significant achievement by registering the highest ever merchandise exports of US$ 39.2 billion in the month of October in the last decade, underscoring the country’s growing strength in global trade. exposes. (DGCI&S).

The data shows that key sectors such as engineering goods, electronics and chemicals have shown strong performance.

Policy reforms and increased competitiveness in these sectors have contributed significantly to the export figures.

October’s record-breaking export figures indicate India’s growing footprint in international markets and the success of government initiatives such as production-linked incentive (PLI) schemes and various trade agreements aimed at facilitating exports, a document said .

According to DGCI&S data, non-petroleum exports played a significant role, reaching US$211.3 billion between April and October 2024, up from US$196.9 billion during the same period last year.

It said favorable government initiatives, such as production-linked incentive (PLI) schemes, advanced logistics infrastructure and digitized trade processes have further driven this export growth.

India’s non-petroleum exports see significant growth from April to October 2024, reaching US$211.3 billion, a significant increase from US$196.9 billion during the same period in 2023 and US$206.2 billion in 2022 .

This impressive growth highlights India’s growing influence in global trade markets, with non-petroleum sectors such as engineering goods, electronics, drugs and pharmaceuticals, chemicals and textiles leading the export charge.

On a regional basis, engineering goods exports are expected to grow from US$61.5 billion to US$67.5 billion in 2023, strengthening the sector’s position as a cornerstone of India’s trade portfolio.

Electronics exports to grow from US$15.4 billion to US$19.1 billion in 2023 due to increase in global demand for Indian-made electronic products.

According to the data, the pharmaceutical sector recorded a strong performance with exports worth US$17.0 billion, further strengthening India’s role as a global health supplier.

In the textile and plastics sector, cotton yarn, clothing and handloom products reached US$7.0 billion, while exports of plastics and linoleum increased to US$5.2 billion.

Agricultural and processed food products also performed exceptionally well, with spices, fruits, vegetables and cereals achieving their highest exports in recent years.

This growth underlines the success of recent policy measures, including incentives and streamlined trade procedures, designed to encourage export-led growth while enhancing India’s competitiveness on the global stage.

India’s trade relations with the United States continue to flourish. By 2023, India’s exports to the US are expected to increase to US$87.3 billion, accounting for 2.8 per cent of US global imports. This growth, with a compound annual growth rate (CAGR) of 10.48 percent since 2001, highlights India’s growing role in the US supply chain.

The steady year-on-year growth in non-petroleum exports from 2022 to 2024 reflects the resilience of India’s industrial sector despite global economic uncertainties.

This pace is in line with government initiatives such as production-linked incentive (PLI) schemes, which have played a significant role in strengthening India’s export potential across various industries. The growth in non-petroleum exports reaffirms India’s commitment to diversify its trade portfolio and enhance the quality and quantity of its exports, establishing a strong base for sustained growth and global market expansion.

Since 2001, the United States has shown steady and growing demand for goods from India, with imports increasing significantly over the years.

In 2001, the United States’ imports from India were US$9.7 billion, which was only 0.9 percent of its total global imports. However, by 2023, this figure had reached US$87.3 billion, accounting for 2.8 percent of the United States’ imports from the world. This trend underlines India’s growing importance in the US supply chain and the strengthening economic ties between the two countries.

One of the notable aspects of this growth is the compound annual growth rate (CAGR) of imports from India to the United States, which stood at 10.48 percent from 2001 to 2023. This rate significantly outpaced the United States’ overall import growth rate from the world, which grew at a CAGR of only 4.76 percent during the same period.

The strong growth in imports from India highlights the increasing competitiveness and diversification of Indian exports in the US market.