India's merchandise trade deficit widened to $26.91 billion in October as exports dropped by 17 percent year-on-year to $29.78 billion while imports rose by 6 percent, data released by the commerce ministry on November 15 showed.
During April to October this year, exports witnessed a growth of 12.55% to $263.35 billion. Imports rose 33.12% to $436.81 billion, according to the data.
"Both the merchandise exports and imports moderated on a sequential basis between September 2022 and October 2022, which we believe was driven by a larger number of holidays related to the festive season. As a result, the trade deficit widened in MoM terms during this period, but not alarmingly so, in spite of the large YoY contraction in the merchandise exports figure," said Aditi Nayar, Chief Economist at ICRA.
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