Trade Data: India's trade deficit continues to increase and the figure for its increase has come to the fore in October. The country's trade deficit widened to $26.91 billion in October. It stood at $ 25.71 billion in September last month. The increase in the country's trade deficit on a month-on-month basis is becoming a matter of concern.
The country's exports declined by 16.65 percent to $ 29.78 billion in October
India's exports of goods declined by 16.65 percent in October compared to the same month last year and stood at $ 29.78 billion. This information has been received from the data released by the Ministry of Commerce on Tuesday. In September, the country's exports stood at $ 35.45 billion, which decreased in September. At the same time, in the same period last year i.e. October 2021, it stood at $ 35.73 billion.
The country's imports also increased in October
In October, the country's imports increased to $ 56.69 billion. This is less than its last month i.e. September. In September, the country's imports stood at $ 61.16 billion. It stood at $ 53.64 billion in the same month a year ago i.e. in October 2021.
Import-export condition in the first 7 months of the current financial year
During the first seven months of the current financial year i.e. April-October, 2022, exports grew by 12.55 percent to $ 263.35 billion, during which imports have seen a rise of 33.12 percent and it has reached $ 436.81 billion.
What is the reason for the increasing trade deficit?
Global inflation figures, the Russia-Ukraine war, the China-Taiwan crisis, and supply constraints are hurting the country's demand. Exporters are facing low demand and they are looking for ways to solve it. Imports are also increasing continuously and its negative effect is coming in the form of increasing trade deficit of the country. However, this is not the case only with India and the impact on economic development is being seen all over the world, due to which India is also not untouched.
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