According to data released by the ministry of commerce and industry on Tuesday, the countries (India’s) overall export shipments decreased by 16.65% to $29.78 billion in October as a result of a decline in some industries’ merchandise exports. And the merchandise trade deficit increased to $26.91 bn from $25.71 billion the previous month.
The report showed that imports for the month totaled $56.69 billion, compared to $53.64 billion in October 2021.
This year, from April to October, exports increased by 12.55 percent to $263.35 billion. Data show that imports increased 33.12% to $436.81 billion.
According to experts, supply interruptions, global inflation. The Russia-Ukraine conflict, the simmering China-Taiwan problem, and other factors are slowing down economic growth globally and lowering demand.
Exporters are crossing their fingers that India’s exports will increase and are optimistic that things will get better soon.
The trade deficit grows as a result of rising imports and falling exports. Which puts pressure on the valuation of the national currency. It also affects how people get jobs.