India's merchandise exports in October were 49.47 billion dollars, the highest ever for the month and the largest monthly total on record, Commerce Secretary Rajesh Agrawal said. Merchandise imports were also a monthly high, at 89.35 billion dollars. The two figures leave a gap of about 39.9 billion dollars, a number worked out here from the reported totals. The data came from the Commerce and Industry Ministry on Friday.
Petroleum drives the jump
Refined petroleum exports were 8.89 billion dollars in October, up 140 per cent from about 3.7 billion a year earlier, on both higher volumes and higher prices. Over April to October they were 49.83 billion dollars, up 47.71 per cent, and refined products made up 16.12 per cent of all merchandise exports, against 13.31 per cent. The import side moved too: crude and petroleum imports were 22.81 billion dollars, up 54 per cent from 14.78 billion, and the petroleum import bill for April to October was about 130 billion dollars, up 40.5 per cent. Brent crude futures reached 116 dollars a barrel in mid-October amid tensions in West Asia.
Non-oil merchandise exports grew about 33.5 per cent in October. Electronics exports were 6.64 billion dollars, up 62.7 per cent from 4 billion, and 38.6 billion dollars over April to October, up 46.92 per cent. Products other than smartphones now make up about 43.2 per cent of electronics exports, up from 39.7 per cent, helped by printed circuit boards and memory chips. Engineering goods, gems and jewellery, cereals, oils and handicrafts also contributed.
Markets and the outlook
Of India's top 50 export destinations, 43 grew in October. Spain rose 352 per cent, and Malaysia, Togo, Singapore and South Africa each rose more than 100 per cent. Over April to October the United States stayed the top market at about 59.52 billion dollars, up from 51.99 billion. Exports to China were 13.77 billion dollars, up from 10 billion, making it India's third-largest export destination. Exports to Singapore rose 107 per cent to 13.14 billion dollars on refined petroleum, and the report says Singapore's main supply source has shifted to India because of the effective closure of the Strait of Hormuz.
On the import side, purchases from Russia rose 54 per cent to roughly 55 billion dollars, mostly crude, and imports from China rose 30.6 per cent to 96.61 billion dollars. Exports of goods and services together were 568.84 billion dollars over April to September, up 16.66 per cent, and Agrawal said India could reach 1 trillion dollars in exports by the end of the financial year if the trend continues. He also said falls in oil prices may cut export value but could lift demand.
