Overall exports during the month of October 2023 have turned positive with a growth of 9.43 percent to USD 62.26 billion, which is a good sign and shows the strength of India’s manufacturing and services capabilities during these challenging times, said FIEO President, Dr A Sakthivel while reacting to the October export figures. This suggests that the exports sector is on the road to recovery due to the resilience shown by it. Demand is still an issue in many markets due to high inventory and growth reflects that we may be eating into the share of some other countries. Dr Sakthivel, however, feels that growth of 6.21 percent in merchandise exports is a good sign as this has happened despite weak demand and moderation in commodity prices, which spiked last year after the Ukraine war. FIEO Chief further added that the tension in West Asia had also made businesses and markets sceptical and nervous. He is of the view that the conflict will have a limited impact unless it escalates, and more countries join in. While goods exports growth has remained somewhat sombre, services have continued on with its momentum and maintained a rising trend, helping to narrow the overall trade deficit and keeping the current account deficit under check.
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