India’s merchandise exports fell 17% to $29.78 billion (approximately Rs 2.4 lakh crore) in October from $35.45 billion (Rs 2.8 lakh crore) in the previous month, while imports declined to $56.69 billion (Rs 4.5 lakh crore) from $61.16 billion (Rs 4.9 lakh crore) in the same period, the data by the commerce ministry showed on Tuesday.
The merchandise trade deficit in October increased to $26.91 billion (Rs 2.1 lakh crore) from $25.71 (Rs 2 lakh crore) billion in the previous month, reported Reuters.
A trade deficit happens when the amount by which the cost of a country’s imports exceeds the value of its export.
“India’s overall exports [merchandise and service] in October 2022 are estimated to be $58.36 billion [Rs 4.6 lakh crore], exhibiting a positive growth of 4.03% over the same period last year,” the Centre said on Tuesday. “Overall imports in October 2022 are estimated to be $73 billion (Rs 5.8 lakh crore), exhibiting a positive growth of 11.82% over the same period last year.”
Export sectors that recorded negative growth included gems and jewellery (21.56%), engineering (21.26%), petroleum products (11.28%), ready-made garments of all textiles (21.16%), chemicals (16.44%), pharma (9.24%), marine products (10.83%), and leather (5.84%).
Sectors that recorded positive growth in October include oil seeds, oil meals, electronic goods, tobacco,…