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Wednesday, April 24, 2024

Merchandise exports plunge 17 pc in Oct, trade gap widens to $27 bn

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New Delhi: Amid slowdown in many advanced economies, India’s merchandise exports plunged 16.65 per cent year-on-year to $29.78 billion in October, 2022.

“Merchandise exports in October 2022 were USD 29.78 billion, as compared to USD 35.73 billion in October 2021,” said an official release from the Ministry of Commerce and Industry on Tuesday.

The preliminary data showed major commodity groups such as engineering goods, gems & jewellery, readymade garments and meat, dairy & poultry products registered negative growth during this period.

Merchandise imports in October 2022 were $56.69 billion, as compared to $53.64 billion in October 2021.

Trade deficit during this period widened to $26.91 billion.

“Non-petroleum and non-gems & jewellery exports in October 2022 were USD 21.72 billion, compared to USD 26.15 billion in October 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports in October 2022 were USD 34.40 billion, compared to USD 32.88 billion in October 2021,” said the press release.

Merchandise exports for the period April-October 2022 were $263.35 billion as against $233.98 billion during the period April-October 2021.

India’s overall exports (merchandise and services combined) in October 2022 are estimated at $58.36 billion, exhibiting a positive growth of 4.03 per cent over the same period last year.

Overall imports in October 2022 are estimated to be $73 billion exhibiting a positive growth of 11.82 per cent over the same period last year.

India’s overall exports (merchandise and services combined) in April-October 2022 are estimated to be $444.74 billion, exhibiting a positive growth of 19.56 per cent over the same period last year.

Overall imports in April-October 2022 are estimated to be $543.26 billion, exhibiting a positive growth of 33.80 per cent over the same period last year.

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