India Trade October 2023

India: Merchandise exports rebound in October

Merchandise exports increased 6.2% on an annual basis in October, on the heels of September’s 2.7% drop. October’s result marked the strongest reading since November 2022. Meanwhile, merchandise imports jumped 10.2% over the same month last year in October (September: -16.7% yoy), marking the strongest reading since September 2022.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 31.5 billion deficit in October (September 2023: USD 19.4 billion deficit; October 2022: USD 27.4 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 255.2 billion deficit in October, compared to the USD 251.1 billion deficit in September.

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