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India’s exports fell 17% to $29.78 billion in October, while its trade deficit increased to $26.91 billion.
According to data released by the commerce ministry on Tuesday, the country’s overall outbound shipments decreased by 16.65% to $29.78 billion in October as a result of a decline in some sectors’ merchandise exports, and the merchandise trade deficit increased to $26.91 billion from $25.71 billion the previous month, news agency PTI reported.
The report showed that imports for the month totaled $56.69 billion, compared to $53.64 billion in October 2021.
This year, from April to October, exports increased by 12.55 percent to $263.35 billion. Data show that imports increased 33.12% to $436.81 billion.
Between September 2022 and October 2022, both merchandise exports and imports slowed sequentially, which, in our opinion, was caused by more holidays associated with the holiday season.
In spite of the significant YoY decrease in the merchandise exports statistic, the trade deficit worsened in MoM terms during this time, albeit not alarmingly, according to ICRA Chief Economist Aditi Nayar who was quoted by Livemint.
When compared to November 2021, which had a later start to the holiday season, the sequential trend of exports in October 2022 is similar to what was observed in November 2021.
Given the current global demand issues, Nayar continued, “At this point, we anticipate some recovery in exports and imports in November 2022 relative to October 2022, albeit it may not be as substantial as the pattern seen in November and December of 2021.
(With inputs from agencies and more)
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