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India’s trade deficit zooms to $26.91 bn in Oct; exports dip 17%

India’s Trade Deficit: India’s trade deficit in October increased to $26.91 billion. According to figures issued by the commerce ministry on Tuesday, exports decreased by 16.65% to $29.78 billion in October from $35.4 billion in September. The value of exports in October 2021 was $35.7 billion.

Imports rose to $56.69 billion in the reviewed month from $61.16 billion in September. The value of imports in October 2021 was $53.64 billion.

Exports increased by 12.55 percent to $263.35 billion from April to October. According to the figures, imports increased by 33.12 percent to $436.81 billion.

India’s Trade Deficit

India’s trade deficit in September was $26.72 billion. It was less than August’s $28.68 billion. However, it had grown from $22.47 billion in September 2021 to over $4 billion.

The deficit for the first six months of FY22, from April to September, was $149.47 billion. This deficit was almost twice as large as the ensuing period’s deficit of $76.25 billion in 2021.

From April to September, exports totaled $229.05 billion. It exceeded the $198.25 billion in the first half of FY22 by 15.54 percent. From $274.5 billion in the first half of FY22 to $378.5 billion in the first half of FY23, imports had increased by 37.89%.

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