Petro exports to US surged 94% in Oct

India’s petroleum exports to the US surged 94.5 per cent in October to $251.5 million, making it the only major export category to post positive growth, apart from iPhone-led telecom instruments, which jumped 204 per cent during the month.

- ASIT RANJAN MISHRA

This surge comes even as India’s key refined petroleum markets — including the Netherlands (-15.7 per cent), Australia (-93.1 per cent) and Togo (-62.3 percent) — sharply cut their purchases from India during the same month.

The US has long been a major buyer of Indian petroleum products, accounting for 6.9 per cent ($5.8 billion) of India’s petroleum exports in financial year 2024 (FY24). In October, its share stood at 6.4 percent.

During the month, exports of gems and jewellery continued to be the hardest hit to the US, with shipments of pearls, precious, and semiprecious stones plunging 77.3 per cent. Exports of gold and other precious metal jewellery dropped 51.2 per cent, disaggregated data released by the commerce department showed.