India’s trade deficit in October widens to $26.91 bn, exports down 17%

India’s trade deficit widened to $26.91 billion in October. The exports contracted by 16.65 per cent to $29.78 billion in October as compared to $35.4 billion in September, according to data released by the commerce ministry on Tuesday. In October 2021, the exports stood at $35.7 billion.

Imports during the month under review increased to $56.69 billion against $61.16 billion in September, In October 2021, imports stood at $53.64 billion.

During April-October, exports recorded a growth of 12.55 per cent to $263.35 billion. Imports rose 33.12 per cent to $436.81 billion, as per the data.

In September, India’s trade deficit was recorded at $26.72 billion. It was lower than $28.68 billion in August. However, it had widened to over $4 billion from $22.47 billion in September 2021.

In the first half of FY22, between April and September, the deficit was $149.47 billion. This was nearly double the $76.25 billion deficit recorded in the subsequent period in 2021.

The exports in April-September stood at $229.05 billion. It was 15.54 per cent higher than $198.25 billion in the first six months of FY22.

The imports had risen 37.89 per cent from $274.5 billion in the first half of FY22 to $378.5 billion in the first half of FY23.

(With agency inputs)