New Delhi: According to the data revealed on November 14, India’s trade deficit grew from $20.8 billion in September to $27.4 billion in October. While exports grew quickly at more than 13.4 percent in October, India’s imports grew even quicker at a pace of 20 percent.
Despite the disruption in global supply chains, weak demand in major markets and the growing geopolitical tensions between nations, India’s trade routes and activity remain unaffected. Sunil Barthwal, commerce secretary, said during an interview with Money Control, “Despite the volatile global atmosphere, Indian exporters have been able to overcome that situation and deliver. Add to that the recent slump in manufacturing and sluggish growth of the key Indian markets, and the increase in global fuel prices have significantly contributed to the increase in India’s trade deficit.
The World Trade Organization (WTO), in April, predicted a growth in global exports after the slump caused by high inflation prices and soaring energy prices in 2023. WTO expects global trade to expand by 2.6 percent in 2024 and push even further to 3.5 percent in the first half of 2025, withstanding the geopolitical tension between nations.
India’s trade imports stood at $39.2 billion in October, while its exports stood at $66.9 billion during the same month. In September, India exported goods worth $34.58 billion and imported merchandise worth $55.36 billion. India’s service exports were worth $34.02 billion in October, a boost from $30.61 billion in the previous month, while imports touched $17 billion during the same month, up from the $16.32 billion imports from September.
Engineering goods, petroleum products, electronics, pharmaceuticals, chemicals and readymade garments made up a major chunk of India’s exports, while crude oil, petroleum products, electronic goods and gold were India’s major imports. India’s major export partners included the US, UAE, the Netherlands, the UK and China. Russia, China, the UAE, the US and Iraq were among the country’s top suppliers.
Despite a surge in imports and exports in October India’s trade deficit widens to $27.4 billion. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
