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
Policy Regulation
Why is Workmen Compensation Insurance Essential for Both Employers and Employees?
Workplace risks are an unavoidable reality across India’s diverse industries like construction, manufacturing, logistics, housekeeping, hospitality and more. Even with strong safety protocols, acc..
Read moreAutomation & Robotics
3D Printing Strengthens the Foundations of Smart Manufacturing
The global 3D printing market was estimated at $30.55 billion in 2025 and is projected to reach $168.93 billion by 2033, growing at a compound annual growth rate of 23.9 per cent from 2026 to 2033.
Read moreMachine Tools & Accessories
IMTEX Forming 2026: Charting the Next Chapter of India’s Metal Forming Ecosystem
IMTEX Forming 2026, Asia’s largest metal forming and manufacturing technology exhibition, is set to return to Bengaluru from 21–25 January 2026.
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
