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.
India's exports surge, outpacing Asian Peers in Oct 2023: ICICI Securities report

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

Electrical & Electronics
There will be a growing use of gas and other alternate fuels for gensets

There will be a growing use of gas and other alternate fuels for gensets

Shveta Arya, Business Head, Power System Business, Cummins India, in this interview, gives an overview of the power gensets market in India and also informs about the recent trends in the industry.

Read more
Electrical & Electronics
Why is UPS industry banking on green technology

Why is UPS industry banking on green technology

Rising energy prices and environmental awareness is driving companies to develop green uninterruptible power supply (UPS) technology to reduce energy consumption

Read more
Machine Tools & Accessories
EVs present new challenges and opportunities for tool makers: Pankaj Abhyankar

EVs present new challenges and opportunities for tool makers: Pankaj Abhyankar

In this interview with Rakesh Rao, Pankaj Abhyankar, Sr VP & Business Head, Godrej Tooling, explains the evolution of the tooling industry in India.

Read more

Related Products

Heavy Industrial Ovens

INDUSTRIAL SUPPLIES

Hansa Enterprises offers a wide range of heavy industrial ovens.


Read more

Request a Quote

High Quality Industrial Ovens

INDUSTRIAL SUPPLIES

Hansa Enterprises offers a wide range of high quality industrial ovens. Read more

Request a Quote

Hydro Extractor

INDUSTRIAL SUPPLIES

Guruson International offers a wide range of cone hydro extractor. Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back