India's merchandise exports in Oct decline 16.65%

NEW DELHI: India's merchandise exports in October fell 16.65% on an annualised basis to $29.78 billion on account of strong global headwinds that slowed major economies such as the US and China, while imports in the month rose by about 5.68% to $56.69 billion on sustained domestic demand in one of the fastest growing major economies of the world.

- Rajeev Jayaswal

On Monday, Mint reported (and HT carried) a report citing unofficial preliminary data that put the fall at 19%.

India's total exports in the month, which includes both goods and services exports, however, posted a 4% jump to $58.36 billion compared to $56.10 billion in the same month last year. Goods and services imports together rose by 11.82% to $73 billion in the month, according to official data released on Tuesday.

Overall (merchandise and services trade), India's trade deficit rose to $14.63 billion in the month of October compared to $9.18 billion in the same month last year, according to the data.

The country' overall exports (merchandise and services combined) in the first seven months of the current fiscal year jumped 19.56% on an annualised basis to $444.74 billion. Overall imports in the same period (April-October 2022) also surged 33.8% to $543.26 billion, leaving a trade deficit of $98.52 billion.