Exports fall sharply by 17% to $29.78 bn in Oct

New Delhi, November 15

India’s exports entered negative territory after a gap of around two years, declining sharply by 16.65% to $29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to $26.91 billion, according to data released by the commerce ministry on Tuesday.

Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products, and leather, recorded negative growth during October.

Imports during the month under review rose by about 6% to $56.69 billion on account of increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser and machinery.

During April-October 2022, exports recorded a growth of 12.55% to $263.35 billion. Imports rose 33.12% to $436.81 billion.

The merchandise trade deficit for April-October 2022 was estimated at $173.46 billion as against $94.16 billion in April-October 2021, as per the data.

Trade deficit in October 2021 was $17.91 billion. Last time it was in November 2020, when exports contracted by 8.74%.

Briefing media, Commerce Secretary Sunil Barthwal said global headwinds are impacting consumption worldwide and that would have an impact on India’s exports as well. — PTI

Trade deficit widens to $26.91 bn

• Exports fell by 16.65% to $29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to $26.91 billion
• Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products, and leather, recorded negative growth during October
• Imports rose by about 6% to $56.69 billion on account of increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser and machinery