NEW DELHI, October 18 — The Ministry of Commerce and Industry released comprehensive monthly foreign trade statistics on Sunday showing India’s merchandise exports expanding by 6.8% year-on-year, driven by robust outbound shipments of electronics, engineering goods, and pharmaceuticals.
Trade analytics revealed that non-petroleum and non-gem exports registered double-digit gains, with smartphone and consumer electronics exports surging over 32% under the operational momentum of the electronics hardware Production Linked Incentive (PLI) scheme. Simultaneously, disciplined non-essential imports compressed the monthly merchandise trade deficit to a five-month low of $18.4 Billion, easing pressure on the external current account.
The Directorate General of Foreign Trade (DGFT) highlighted that tariff preferences under operational bilateral trade pacts—including the India-UAE CEPA, India-Australia ECTA, and India-EFTA TEPA—have broadened international market access for domestic MSME manufacturers and specialized chemical exporters.
Key macroeconomic metrics governing foreign trade (Balance of Payments, Current Account Deficit vs Capital Account, Real Effective Exchange Rate - REER), milestones under the Foreign Trade Policy 2023, institutional roles of DGFT and ECGC, and India's leading trade partners are essential syllabus components for UPSC GS-III and RBI Grade B.