India's Exports Grow 6.3% In October, Fastest In a Year

tendata blogTrade Trends News

ten data blog16-11-2023

india export,india exports,india exports grow

India's exports of goods rose 6.3% in October, the highest growth rate in nearly a year. However, imports also soared to a record $65 billion, resulting in a trade deficit of $31.4 billion. The commerce minister was optimistic about breaking last year's export figures despite falling commodity prices. The higher trade deficit has raised concerns among policymakers and put pressure on the rupee.Gold imports almost doubled to $7.2 billion in October. Silver shipments rose sharply.

India's merchandise exports rose 6.3% in October, the fastest expansion in nearly a year, while imports soared to a record $65 billion, up 12.3%.

As a result, the trade deficit hit a new high of $31.4 billion, surpassing the July 2022 record of $30 billion. This is the second time this year that exports have grown, with revised figures for August projecting a 3.8 % increase.

"Some of the data from the first week of November suggests that the recovery is stabilizing. We hope to surpass last year's figures. This is happening despite the fall in commodity prices," Commerce Minister Sunil Barthwal told reporters.

Commerce Minister Sunil Barthwal, however, declined to give specific figures, saying exports would depend on the commodity price, exchange rate and interest rate environment in developed economies, which have dampened demand.

Last fiscal year, India's merchandise exports are estimated to have reached a record $451 billion, despite a downturn in the second half of the year I - an aspect that is expected to help in the rest of the fiscal year as the base effect plays out. However, if this trend continues, a rising trade deficit would be a concern for policymakers as it would put pressure on the rupee if the global economic environment deteriorates or geopolitical tensions escalate.

Although the rupee posted its best performance against the dollar in nearly two months on Wednesday, closing at 83.14; on Friday, the rupee touched an all-time low of 83.42.

"We expect the merchandise trade deficit to widen to $22.8 billion by October 2023 given the change in the holiday calendar. The higher-than-expected merchandise trade deficit was driven by gold, oil, and balancing imports, where exports were broadly in line with our forecast. Given the higher number of vacations, both non-oil imports and exports should slow in November. We expect a trade deficit of $2.2-25 billion for the month," said Aditi Nayar, chief economist at ICRA.

Gold imports are estimated to have almost doubled to $7.2 billion in October, compared with $3.7 billion a year ago.Silver shipments jumped 125% to $1.8 billion in October.

How Shanghai Tendata Empowers Growth with Foreign Trade Big Data?

Tendata iTrader is a versatile foreign trade application tool and a great asset for professionals in the international trade industry.

(1) Real-time Access to Comprehensive Global Data: Tendata iTrader offers real-time access to customs data from 91 countries, customs code inquiries, and an extensive collection of foreign trade supply chain data, import-export statistics, and international company data. Companies can freely select the foreign trade databases corresponding to their trade regions and use nine different search methods to tailor their data queries based on single or multiple criteria. The search results can generate 19 types of market reports, and users can perform online comparative analyses as well. (>>> Click to use The Data Online for Free)

(2) Detailed Transaction Records from 91 Countries: Tendata's data system automatically integrates millions of accurate buyer information, detailed transaction data from 91 countries, and competitor details. It intelligently generates various data analysis reports, empowering companies to analyze competitors, maintain relationships with new and existing customers, and stay up-to-date with real-time international trade information. How is Shanghai Tendata performing?(>>> Click for Free Demo)

(3) Internet Search of Email Addresses in 153 Countries: With Tendata's proprietary web crawling technology, companies can access and validate email addresses in 153 countries, making mass email campaigns worry-free. Potential customers are automatically categorized by level, allowing users to find decision-makers within a minute. Choose from various email templates with unlimited sending capabilities. Tendata's data effectiveness is quite impressive. (>>> Click for More Details)

tendata,tendata itrader,tendata shanghai

Leave Message for Demo Request or Questions

We always appreciate your visit at We'd love to hear your suggestions, feedback & queries. Please contact us to schedule a demo or learn more about our services. We will respond to your query within 1 working day.
  • Full company name please

  • 输入您的手机号

  • 输入您的邮箱

  • Fill in the code please

More Popular Blogs

These related articles may also be of interest to you

Geting Price

Global Trade Data Leader
Get Pricing
Free Demo
'Target Customer
'Acquisition & Intelligent
'Global Trade Marketing Intelligent
'Decision-Making SaaS Platform

Welcome Tendata · iTrader

Please fill in the infos to get free demo

  • *

    Enter your name please

  • *

    Full company name please

  • *


  • *


  • *


  • Read and agree to Service Agreement and Privacy Policy