India's trade deficit further increases to almost $27 billion for October

Trade deficit indicates the gap between exports and imports of the country for the month.

FPJ Web DeskUpdated: Tuesday, November 15, 2022, 03:29 PM IST
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India's trade deficit widened in October to $26.91 billion, from $25.71 billion in September, a Reuters calculation based on export and import data that was released by the government on Tuesday. Falling exports and increasing imports could have triggered this development.

A decline in merchandise exports in some sectors likely affected the country's trade deficit as the total outbound shipments went down by 16.65 per cent to $29.78 billion in October.

Imports in October were at $56.69 billion, whereas last year it was at $53.64 billion.

From April to October this year, exports went up by 12.55 per cent to $263.35 billion, while imports rose to $436.81 billion up by 33.12 per cent.

According to experts, there is a decrease in demand due to global inflation, simmering China-Taiwan crisis, supply disruptions and Russia-Ukraine war.

Exporters are hoping that the situation would improve in the coming months and it would help India's exports.

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