India’s merchandise exports declined by 16.65% to $29.78 billion in October. file. , photo credit: Reuters
India’s merchandise exports fell 16.65% to $29.78 billion in October, while imports rose 5.7% to $56.7 billion, according to commerce ministry data.
India’s trade deficit widened by 50.25% to $26.91 billion in October 2022 from a year earlier, and was 4.66% higher than the September 2022 deficit.
Commerce Secretary Sunil Barthwal said the trade figures for October have been impacted by Diwali and Dussehra festive season as factory workers go on leave. “This is a seasonal bounce… We will assess whether this is a trend that will persist after looking at the November trade numbers… The World Trade Organization has lowered forecasts for global trade growth and the IMF The GDP growth projections have been slashed. We are constantly monitoring the numbers and we will see.
This is the first contraction in merchandise exports during a month since February 2021.