As per recent updates, India’s Cashew exports observed an increase along with a surge of 126.85% year on year to $0.6 billion. Moreover, electronic exports increased to 19% year-on-year in October. Notably, the sudden spike in Cashew exports was employed by growth in a couple of categories including meat, dairy and poultry products, marine products and coffee. Shockingly, engineering goods, India’s largest export category decreased around 16.7%. In addition, other significant sectors such as petroleum products, pharmaceuticals, gems and jewellery, chemical and textiles reported contractions ranging between 5% and 29%.
Electronic exports could face headwinds from November
Exports to other key markets such as the UAE, UK, Germany, Italy, Australia, Bangladesh and South Korea decreased in October. According to Analysts, Chinese dumping at below-market prices in these regions has made Indian goods less competitive. Not only this, a concern raised here stating that electronic exports could face headwinds from November since the US decreased its fentanyl-linked tariffs on China from 20% to 10%, withering India’s relative advantage, though electronics remain tariff-exempt.
Electronic exports grow due to Smartphones exports
A report stated that Apple solely contributed $1.6 billion in iPhone exports, making up around 40% of aggregate electronics exports for the month. Smartphone exports sustained on an upward trajectory despite a little moderation in August and September due to festive season demand within the domestic market. Exports escalated 100% compared to the same month last year.
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