Schedule a Call Back
India's exports surge, outpacing Asian Peers in Oct 2023: ICICI Securities report
Industry News- Dec 04,23
Analysts and economists Prasenjit Basu and Laavanya Sisaudia from ICICI Securities anticipate a further acceleration in India's merchandise exports throughout the remaining fiscal year 2024.
In October 2023, India witnessed a 6.2% year-on-year increase in merchandise exports, showing a recovery of 2.4% during the August-October 2023 period, outpacing the rest of Asia, according to a report from ICICI Securities. South Korea experienced a positive shift with a 5.1% year-on-year growth in exports in October 2023, breaking a 13-month contraction streak. Taiwan's exports also showed resilience, declining only 2.8% year-on-year in August-October 2023, despite a 12.8% decrease in January-October 2023. China, however, saw a decline of 8.2% in goods exports during August-October 2023, worse than its 5.2% contraction in January-October 2023, mirroring India's 4.9% year-on-year decline for the same period.
Analysts and economists Prasenjit Basu and Laavanya Sisaudia from ICICI Securities anticipate a further acceleration in India's merchandise exports throughout the remaining fiscal year 2024 and into fiscal year 2025. They attribute this optimistic outlook to the broad-based cyclical rebound in engineering goods, textiles, and pharmaceutical exports.
Despite weakened US import demand in January-September 2023, there is now a rebound from the troughs. This recovery is notable even as the overall US economy shows signs of weakening. The analysts expect that this rebound in US and OECD demand will positively impact Asia's exports, including those of India.
Related Stories
Process Equipment
Imports of medical device surged in India in fy23-34 to Rs 688.85 billion
This marks a 13% increase, with disposables accounting for nearly 17.6% of the growth.
Read moreAerospace Defence
Airbus chooses eight sites to build final assembly line in India
Currently, the Airbus H125 helicopter is manufactured in France, the US, and Brazil, with a combined capacity of nearly 220 units.
Read moreAutomation & Robotics
OPC UA: The language of Industry 4.0
Industry 4.0, which links the IT (Information Technology) and automation systems, requires many machines and devices to communicate with each other for seamless operation. OPC UA, an information arc..
Read moreRelated Products
Heavy Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of heavy industrial ovens.
High Quality Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of high quality industrial ovens. Read more
Hydro Extractor
INDUSTRIAL SUPPLIES
Guruson International offers a wide range of cone hydro extractor. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
