India’s trade deficit widens to $26.91 bn in October, exports decline 16%
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The country’s trade deficit widened by 4.66% to $26.91 billion in October from $25.71 billion in September this year and 50.25% as against $19.9 billion in October last year, according to the data released by the Ministry of Commerce. India's exports declined to 15.9% at $29.78 billion in October from $35.45 billion in September. In October 2021, the country’s exports stood at $35.73 billion.
Meanwhile, the country’s imports witnessed a growth of 5.7% to $69 billion in October this year as against $53.64 billion in October 2021. In September, India's imports stood at $59.35 billion.
Sunil Barthwal, commerce secretary, said in a statement that the country’s trade data was largely impacted by the festive season. “This is a seasonal blip. We will assess whether this is a trend that will persist after looking at how November trade numbers turn out. The WTO has reduced global trade growth forecasts and the IMF has downgraded GDP growth projections. We are constantly watching the data and we will see.”
In October, the exports of non-petroleum and non-gems and jewellery stood at $21.72 billion, as against $26.15 billion in October last year. Moreover, the imports of non-petroleum, non-gems and jewellery during the month under review stood at $34.40 billion as against $32.88 in October last year.
As per the commerce ministry estimates, during the April and October period this year, the country’s overall exports stands at $444.74 billion, exhibiting a growth of 19.56% as against $371 billion in the same period last year. Of this, the merchandise exports for the April to October period, witnessed a surge of 12.5% at $263.35 billion as against $233.98 billion in the same period last year. The exports of non-petroleum and non-gems & jewellery during April to October period stood at $182.05 billion, as compared to $176.52 billion in the same period last year.
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Overall imports between the April and October period this year, witnessed a growth of 33.80% at $543.26 billion, as against $406.03 billion in the same period last year. Of this, the merchandise imports stood at $436.81 billion as against $328.14 billion in the same period last year. The imports of non-petroleum, non-gems & jewellery stood at $258.30 billion during the period under review, as compared to $198.58 billion in the same period last year.
Moreover, between the April to October period this year, the country’s trade deficit witnessed a growth of 84.2% at $173.46 billion as against $94.16 billion in the same period last year.