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
Electrical & Electronics
Where Global Wire and Tube Innovation Comes Together
The world’s leading wire and tube trade fairs return to Düsseldorf, uniting global innovators to showcase AI-driven manufacturing, advanced materials and solutions shaping the future of industria..
Read moreAutomation & Robotics
Building the Future of Indian Manufacturing Through Automation
Make in India, industrial automation India, smart manufacturing, AI in manufacturing, Industry 5.0 India, manufacturing GDP growth, robotics and automation, Aatmanirbhar Bharat, Prateek Jain, Addver..
Read moreMaterial Handling Equipment
Why Batteries Trail Strategy in Humanoid Robot Development
Battery makers are racing ahead of robot OEMs in positioning humanoids as the next growth frontier. This press release examines developments from both perspectives and considers how deeper cross-ind..
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
