India’s total exports in October 2024 were estimated at US$ 73.21 billion, marking a 19.08% year-on-year (YoY) growth compared to October 2023. This growth came on the back of strong performances in both merchandise and services exports. Merchandise exports in October 2024 stood at US$ 39.20 billion, a significant increase from US$ 33.43 billion in the same month last year, while services exports grew to US$ 34.02 billion, up from US$ 28.05 billion in October 2023.

The growth in exports was accompanied by a rise in imports, which were estimated at US$ 83.33 billion for the month, reflecting a 7.77% increase from US$ 77.33 billion in October 2023. This resulted in a trade deficit of US$ 10.12 billion for October 2024, a notable improvement from the US$ 15.85 billion deficit recorded in the same period last year.

For the period April-October 2024, India’s total exports reached US$ 468.27 billion, representing a 7.28% increase compared to the same period in the previous financial year. Merchandise exports during this period amounted to US$ 252.28 billion, while services exports stood at US$ 215.98 billion. On the other hand, total imports during April-October 2024 were estimated at US$ 531.51 billion, a 7.05% increase from US$ 496.50 billion in the same period of FY23. The trade deficit for the first seven months of FY24 stood at US$ 63.24 billion, a slight increase from US$ 60.02 billion in FY23.

Notably, non-petroleum and non-gems & jewellery exports saw a strong growth of 27.5% in October 2024, highlighting the increasing diversification of India’s export base. Services exports also performed robustly, growing by 12.51% during April-October 2024 compared to the same period in FY23.

India’s major export destinations showed strong growth, with key markets such as Singapore, the United Arab Emirates (UAE), the United States, the United Kingdom, and Australia all contributing to the export expansion in October 2024. These nations have been significant drivers of India's global export performance, with demand for a variety of Indian goods and services spurring the growth.

The trade deficit in October 2024 narrowed due to higher exports and controlled growth in imports, signaling improved export competitiveness and robust economic activity despite global challenges. India’s export growth is being driven by increased demand for manufactured goods, services, and non-petroleum products, alongside continued diversification in trade partners.

Overall, the positive export growth and narrowing trade deficit underscore India’s continued importance in the global trade network, reflecting its expanding export capabilities and economic resilience.

The Upcoming IPOs in this week and coming weeks are NTPC Green, Lomosaic India, C2C Advanced System, Rajesh Power Services, Rosmerta Digital, Avanse Financial and Nisus Finance.

The Current active IPO are Zinka Logistics Solution (Black Buck), and Onyx Biotec.

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