New Delhi, November 18 (IANS). India’s core group exports grew 27.7 percent in October, with growth in categories such as engineering goods, electronics, chemicals, textiles, marine products and rice being particularly strong. This information was given in the CRISIL report released on Monday.
The report said that there has been an increase of 10.6 percent to 39.4 percent in engineering goods, 7.2 percent to 8.2 percent in drugs and pharmaceuticals, 11.2 percent to 27.4 percent in organic and inorganic chemicals and 7.9 percent to 45.7 percent in electronic goods.
The performance is also good for agricultural exports. Rice exports in October increased by 85.8 percent compared to the previous month, compared to 24.9 percent in the previous month. This was due to the government lifting restrictions on foreign shipments of Basmati and non-Basmati rice.
Positive growth was also seen in cashew nuts from 2.2 percent to 7.2 percent, fruits and vegetables from 8.4 percent to 15.9 percent, tea from 5.7 percent to 9.3 percent and spices from 26.7 percent to 30.9 percent.
In labour-intensive sectors, exports continued to perform well, except ceramic products and glassware.
According to the report, on the other hand, gems and jewellery, readymade garments, carpets, cotton yarn, clothing, handloom products also witnessed positive growth.
Positive growth was seen in the export of handicrafts, leather and leather products.
Among import sectors, imports of gold and pearls and precious and semi-precious stones declined.
Electrical and non-electrical imports remained positive. But, it came down from 17.4 percent to 8.7 percent.
Another category that saw strong import growth was vegetable oils, which saw a 50.9 percent increase compared to last year, the report said. At the same time, there was a positive growth compared to the previous month also.
India’s total merchandise exports made a strong comeback in October with 17.3 per cent growth, the fastest in 28 months, to reach $39.2 billion.
The country’s services exports grew by 14.6 percent in September, compared to 5.7 percent in August.
Services imports grew by 13.2 percent compared to 8.8 percent last year.
Therefore, the services trade surplus increased to $16.1 billion in September, compared to $13.8 billion in September 2023 and $13.9 billion in August 2024.
This is the highest surplus since January 2024, when it stood at $16.2 billion, the report said.
–IANS
SKT/ABM
