New Delhi: Merchandise exports from the country declined 16.5% in October. This is the first decline in exports in 19 months. The decline in demand in global markets is the main reason for this.
India’s merchandise exports in October declined to $29.78 billion. It was at $35.73 billion in October last year. Inbound merchandise shipments in October is at $56.69 billion. It was at $ 53.64 billion in October 2021.
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According to exporters, rising inflation, economies entering a recession, high volatility in currencies and geopolitical tension are the main reason for fall in exports.
Non-petroleum and non-gems and jewelry exports in October stood at $ 21.72 billion. It was at $26.15 billion in October last year. Non-petroleum, non-gems and jewelry-gold, silver and precious metals-imports were at $34.40 billion. It was at $32.88 billion in October last year.
India’s overall exports, merchandise, and services combined, in October this are estimated to be $58.36 billion. It reported a growth of 4.03% over the same period last year. Overall imports are estimated to be $73.00 billion, a growth of 11.82%.
For the six months between April and October, overall exports grew 19.56% to $444.74 billion. Overall imports registered a growth of 33.80% at $ 543.26 billion.
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