F. No.

K-12011/1/2021-EPL-1
Government of India
Ministry of Commerce & Industry
Department of Commerce
Economic Division
….
New Delhi, Dated 15th November, 2023
PRESS RELEASE
INDIA’S FOREIGN TRADE: October 2023
 India’s overall exports (Merchandise and Services combined) in October 2023* is estimated to be
USD 62.26 Billion, exhibiting a positive growth of 9.43 per cent over October 2022. Overall imports
in October 2023* is estimated to be USD 79.35 Billion, exhibiting a positive growth of 11.10 per
cent over October 2022.

Table 1: Trade during October 2023*

October 2023 October 2022
(USD Billion) (USD Billion)
Merchandise Exports 33.57 31.60
Imports 65.03 57.91
Services* Exports 28.70 25.30
Imports 14.32 13.51
Overall Trade Exports 62.26 56.90
(Merchandise +Services) * Imports 79.35 71.42
Trade Balance -17.08 -14.52
* Note: The latest data for services sector released by RBI is for September 2023. The data for October 2023 is an estimation, which will
be revised based on RBI’s subsequent release. (ii) Data for April-October 2022 and April-June 2023 has been revised on pro-rata basis
using quarterly balance of payments data.

Fig 1: Overall Trade during October 2023*

100
79.35
80 71.42
62.26
USD Billion

56.90
60

40

20

0
October-2022 October-2023

Exports Imports

 India’s overall exports (Merchandise and Services combined) in April-October 2023* are estimated
to be USD 437.54 Billion, exhibiting a negative growth of (-) 1.61 per cent over April-October 2022.
Overall imports in April-October 2023* are estimated to be USD 495.17 Billion, exhibiting a
negative growth of (-) 7.37 per cent over April-October 2022.

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 Table 2: Trade during April-October 2023*
April-October 2023 April-October 2022
(USD Billion) (USD Billion)
Merchandise Exports 244.89 263.33
Imports 391.96 430.47
Services* Exports 192.65 181.37
Imports 103.22 104.09
Overall Trade Exports 437.54 444.70
(Merchandise+ Services)* Imports 495.17 534.56
Trade Balance -57.64 -89.86

Fig 2: Overall Trade during April-October 2023*

600 534.56
495.17
500 444.70 437.54
USD Billion

400
300
200
100
0
April-October 2022 April-October 2023

Exports Imports

MERCHANDISE TRADE
 Merchandise exports in October 2023 were USD 33.57 Billion, as compared to USD 31.60 Billion
in October 2022.
 Merchandise imports in October 2023 were USD 65.03 Billion, as compared to USD 57.91 Billion
in October 2022.

Fig 3: Merchandise Trade during October 2023

70 65.03
57.91
60
50
USD Billion

40 31.60 33.57
30
20
10
0
October-2022 October-2023

Exports Imports

 Merchandise exports for the period April-October 2023 were USD 244.89 Billion as against USD
263.33 Billion during April-October 2022.
 Merchandise imports for the period April-October 2023 were USD 391.96 Billion as against USD
430.47 Billion during April-October 2022.
 The merchandise trade deficit for April-October 2023 was estimated at USD 147.07 Billion as
against USD 167.14 Billion during April-October 2022.

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 Fig 4: Merchandise Trade during April-October 2023
500
430.47
391.96
400

USD Billion
300 263.33 244.89

200

100

0
April-October 2022 April-October 2023

Exports Imports

 Non-petroleum and non-gems & jewellery exports in October 2023 were USD 24.57 Billion,
compared to USD 21.99 Billion in October 2022.
 Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in October 2023
were USD 36.87 Billion, compared to USD 35.12 Billion in October 2022.

Table 3: Trade excluding Petroleum and Gems & Jewellery during October 2023
October 2023 October 2022
(USD Billion) (USD Billion)
Non- petroleum exports 27.56 25.30
Non- petroleum imports 47.36 41.57
Non-petroleum & Non Gems & Jewellery exports 24.57 21.99
Non-petroleum & Non Gems & Jewellery imports 36.87 35.12
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

Fig 5: Trade excluding Petroleum and Gems & Jewellery during October 2023
40 35.12 36.87

30 24.57
USD Billion

21.99
20

10

0
October-2022 October-2023

Non-petroleum & Non-gems & jewellery exports

Non-petroleum & Non-gems & jewellery imports

 Non-petroleum and non-gems & jewellery exports during April-October 2023 was USD 178.42
Billion, as compared to USD 182.24 Billion in April-October 2022.
 Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were USD 246.50
Billion in April-October 2023 as compared to USD 260.01 Billion in April-October 2022.

Table 4: Trade excluding Petroleum and Gems & Jewellery during April-October 2023
April-October 2023 April-October 2022
(USD Billion) (USD Billion)
Non- petroleum exports 197.02 206.19
Non- petroleum imports 292.01 307.50
Non-petroleum & Non Gems & Jewellery exports 178.42 182.24
Non-petroleum & Non Gems & Jewellery imports 246.50 260.01
Note: Gems & Jewellery Imports include Gold, Silver & Pearls, precious & Semi-precious stones

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 Fig 6: Trade excluding Petroleum and Gems & Jewellery during April-October 2023
300 260.01 246.50
250
182.24

USD Billion
200 178.42
150
100
50
0
April-October 2022 April-October 2023

Non-petroleum & Non-gems & jewellery exports

Non-petroleum & Non-gems & jewellery imports

SERVICES TRADE

 The estimated value of services export for October 2023* is USD 28.70 Billion, as compared to USD
25.30 Billion in October 2022.
 The estimated value of services import for October 2023* is USD 14.32 Billion as compared to USD
13.51 Billion in October 2022.

Fig 7: Services Trade during October 2023*

35
28.70
30 25.30
25
USD Billion

20
13.51 14.32
15
10
5
0
October-2022 October-2023

Exports Imports

 The estimated value of services export for April-October 2023* is USD 192.65 Billion as compared
to USD 181.37 Billion in April-October 2022.
 The estimated value of services imports for April-October 2023* is USD 103.22 Billion as
compared to USD 104.09 Billion in April-October 2022.
 The services trade surplus for April-October 2023* is estimated at USD 89.43 Billion as against
USD 77.28 Billion in April-October 2022.

Fig 8: Services Trade during April-October 2023*

250
181.37 192.65
200
USD Billion

150
104.09 103.22
100
50
0
April-October 2022 April-October 2023

Exports Imports

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 Table 5: Export of Commodity Groups in October 2023
Sl. Commodities (Values in Million %
No. USD) Change
OCT'22 OCT'23 OCT'23
Commodity groups exhibiting positive growth
1 Iron Ore 7.83 211.09 2595.91
2 Ceramic products & glassware 256.88 380.60 48.16
3 Tobacco 102.68 151.56 47.60
4 Cereal preparations & miscellaneous 174.34 245.74 40.95
processed items
5 Meat, dairy & poultry products 299.20 414.61 38.57
6 Cotton Yarn/Fabs./made-ups, Handloom 715.96 977.24 36.49
Products etc.
7 Oil seeds 92.75 120.30 29.70
8 Drugs & Pharmaceuticals 1874.93 2424.47 29.31
9 Electronic Goods 1853.10 2376.14 28.23
10 Fruits & Vegetables 222.61 277.11 24.48
11 Oil Meals 91.85 107.76 17.32
12 Carpet 107.79 125.72 16.63
13 Plastic & Linoleum 580.42 654.88 12.83
14 Spices 265.92 294.58 10.78
15 Man-made Yarn/Fabs./made-ups etc. 352.02 388.02 10.23
16 Coffee 80.11 86.88 8.45
17 Marine Products 720.3 779.09 8.16
18 Engineering Goods 7550.69 8094.2 7.2
19 Handicrafts excl. hand made carpet 122.89 128.69 4.72
20 Tea 72.88 75.88 4.12
21 Cashew 25.23 26.06 3.29
22 Jute Mfg. including Floor Covering 23.59 23.69 0.42
Sl. Commodities (Values in Million %
No. USD) Change
OCT'22 OCT'23 OCT'23
Commodity Groups exhibiting negative growth
23 Other cereals 44.56 24.94 -44.03
24 Rice 703.83 565.65 -19.63
25 Mica, Coal & Other Ores, Minerals 402.08 350.44 -12.84
including processed minerals
26 Gems & Jewellery 3311.47 2986.40 -9.82
27 RMG of all Textiles 988.69 908.79 -8.08
28 Leather & leather products 349.49 332.01 -5.00
29 Petroleum Products 6298.65 6005.85 -4.65
30 Organic & Inorganic Chemicals 2164.44 2141.78 -1.05

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 Table 6: Export of Commodity Groups in April-October 2023
Sl. Commodities (Values in Million %
No. USD) Change
APR'22- APR'23- APR'23-
OCT'22 OCT'23 OCT'23
Commodity groups exhibiting positive growth
1 Iron Ore 666.49 1713.10 157.03
2 Oil Meals 649.00 893.77 37.71
3 Electronic Goods 12125.36 15484.62 27.70
4 Oil seeds 622.64 774.53 24.39
5 Ceramic products & glassware 2110.33 2609.44 23.65
6 Tobacco 762.16 861.17 12.99
7 Fruits & Vegetables 1672.04 1886.32 12.82
8 Drugs & Pharmaceuticals 14598.43 15787.14 8.14
9 Cereal preparations & miscellaneous 1538.37 1635.66 6.32
processed items
10 Cotton Yarn/Fabs./made-ups, Handloom 6509.51 6877.01 5.65
Products etc.
11 Meat, dairy & poultry products 2397.29 2506.24 4.54
12 Coffee 690.34 718.08 4.02
13 Spices 2192.81 2244.35 2.35
14 Cashew 182.32 183.63 0.72
Sl. Commodities (Values in Million %
No. USD) Change
APR'22- APR'23- APR'23-
OCT'22 OCT'23 OCT'23
Commodity Groups exhibiting negative growth
15 Other cereals 569.59 404.30 -29.02
16 Jute Mfg. including Floor Covering 269.90 208.84 -22.62
17 Gems & Jewellery 23947.28 18605.17 -22.31
18 Petroleum Products 57142.09 47865.11 -16.23
19 Mica, Coal & Other Ores, Minerals 3117.23 2648.53 -15.04
including processed minerals
20 RMG of all Textiles 9160.35 7825.21 -14.58
21 Organic & Inorganic Chemicals 18069.62 15632.27 -13.49
22 Leather & leather products 2910.05 2568.46 -11.74
23 Handicrafts excl. handmade carpet 1038.86 920.74 -11.37
24 Plastic & Linoleum 5143.71 4562.52 -11.30
25 Man-made Yarn/Fabs./made-ups etc. 2936.96 2724.29 -7.24
26 Marine Products 4839.93 4582.96 -5.31
27 Rice 6181.37 5862.20 -5.16
28 Tea 482.17 463.68 -3.83
29 Carpet 817.71 795.06 -2.77
30 Engineering Goods 62639.34 61631.39 -1.61

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 Table 7: Import of Commodity Groups in October 2023
Sl. Commodities (Values in Million %
No. USD) Change
OCT'22 OCT'23 OCT'23
Commodity groups exhibiting positive growth
1 Silver 585.20 1314.35 124.60
2 Sulphur & Unroasted Iron Pyrites 11.23 23.87 112.56
3 Pulses 204.81 434.60 112.20
4 Gold 3699.94 7230.07 95.41
5 Fruits & vegetables 211.21 324.01 53.41
6 Electronic goods 6200.96 7828.47 26.25
7 Professional instrument, Optical goods, 506.47 633.81 25.14
etc.
8 Non-ferrous metals 1537.65 1864.29 21.24
9 Machine tools 383.22 453.43 18.32
10 Machinery, electrical & non-electrical 3628.54 4267.12 17.60
11 Dyeing/tanning/colouring materials 304.79 358.31 17.56
12 Medicinal & Pharmaceutical products 642.31 731.05 13.82
13 Metaliferrous ores & other minerals 733.17 808.96 10.34
14 Artificial resins, plastic materials, etc. 1761.76 1929.05 9.50
15 Petroleum, Crude & products 16342.10 17664.63 8.09
16 Iron & Steel 1991.18 2138.60 7.40
17 Chemical material & products 855.53 918.7 7.38
18 Coal, Coke & Briquettes, etc. 3156.94 3299.69 4.52
19 Organic & Inorganic Chemicals 2346.08 2451.44 4.49
20 Textile yarn Fabric, made-up articles 207.61 215.69 3.89
Sl. Commodities (Values in Million %
No. USD) Change
OCT'22 OCT'23 OCT'23
Commodity Groups exhibiting negative growth
21 Cotton Raw & Waste 172.14 36.68 -78.69
22 Vegetable Oil 1580.60 1016.25 -35.70
23 Fertilisers, Crude & manufactured 2105.04 1377.13 -34.58
24 Transport equipment 3222.25 2127.11 -33.99
25 Pulp and Waste paper 224.98 149.89 -33.38
26 Newsprint 68.75 46.01 -33.08
27 Project goods 48.38 36.90 -23.73
28 Pearls, precious & Semi-precious stones 2160.09 1949.37 -9.76
29 Wood & Wood products 575.60 530.61 -7.82
30 Leather & leather products 85.38 80.79 -5.38

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 Table 8: Imports of Commodity Groups in April-October 2023
Sl. Commodities (Values in Million %
No. USD) Change
APR'22- APR'23- APR'23-
OCT'22 OCT'23 OCT'23
Commodity groups exhibiting positive growth
1 Pulses 800.59 1699.82 112.32
2 Dyeing/tanning/colouring materials 2376.33 3381.97 42.32
3 Gold 23965.10 29480.62 23.01
4 Chemical material & products 7331.34 8592.37 17.20
5 Machinery, electrical & non-electrical 25522.75 28737.36 12.60
6 Electronic goods 45987.75 51337.19 11.63
7 Iron & Steel 12031.66 13212.48 9.81
8 Professional instrument, Optical goods, 3949.74 4333.77 9.72
etc.
9 Non-ferrous metals 11712.28 12847.41 9.69
10 Machine tools 2512.74 2721.90 8.32
11 Project goods 628.69 655.12 4.20
12 Medicinal & Pharmaceutical products 4707.80 4806.26 2.09
13 Fruits & vegetables 1545.69 1549.14 0.22
Sl. Commodities (Values in Million %
No. USD) Change
APR'22- APR'23- APR'23-
OCT'22 OCT'23 OCT'23
Commodity Groups exhibiting negative growth
14 Cotton Raw & Waste 1253.57 437.88 -65.07
15 Silver 4793.29 1795.00 -62.55
16 Sulphur & Unroasted Iron Pyrites 220.30 131.29 -40.40
17 Fertilisers, Crude & manufactured 10484.19 6718.58 -35.92
18 Coal, Coke & Briquettes, etc. 33472.91 22483.31 -32.83
19 Vegetable Oil 12678.24 9525.02 -24.87
20 Pearls, precious & Semi-precious stones 18733.52 14234.17 -24.02
21 Organic & Inorganic Chemicals 21077.21 16423.01 -22.08
22 Petroleum, Crude & products 122967.94 99943.92 -18.72
23 Textile yarn Fabric, made-up articles 1622.59 1353.11 -16.61
24 Leather & leather products 645.62 555.53 -13.95
25 Transport equipment 15868.6 13796.52 -13.06
26 Wood & Wood products 4298.27 3769.6 -12.3
27 Newsprint 315 288.83 -8.31
28 Pulp and Waste paper 1184.85 1116.02 -5.81
29 Metaliferrous ores & other minerals 5758.14 5499.64 -4.49
30 Artificial resins, plastic materials, etc. 14183.53 13559.6 -4.4