PremiumA decline in merchandise exports in some sectors led to a contraction in the country's overall outbound shipments by 16.65% to $29.78 billion in October, while the merchandise trade deficit widened to $26.91 billion from $25.71 billion in the previous month, according to the data released by the commerce ministry on Tuesday.
Imports during the month was at $56.69 billion as against $53.64 billion in October 2021, the data showed.
During April to October this year, exports witnessed a growth of 12.55% to $263.35 billion. Imports rose 33.12% to $436.81 billion, according to the data.
Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say.
Exporters are keeping their fingers crossed over India's exports growth and are hopeful that the situation would improve in the coming months.
A decline in exports and increase in imports widens trade deficit, putting pressure on the value of domestic currency. It also has implications on jobs.