Trade Data: India’s trade deficit continues to increase continuously and its further increase in October has come to the fore. The country’s trade deficit has increased to $26.91 billion in October. It was at $ 25.71 billion in the previous month in September. The increasing trade deficit of the country on a month-to-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 has 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 import also increased in October
The country’s imports have increased to $56.69 billion in October. This is less than its previous month i.e. September. The country’s imports stood at $61.16 billion in September. It was at $ 53.64 billion a year ago in the same month 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 have increased by 12.55 percent to $ 263.35 billion, during this period imports have seen a growth of 33.12 percent and have reached $ 436.81 billion.
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What is the reason for increasing trade deficit
Global inflation figures, Russia-Ukraine war, China-Taiwan crisis and supply constraints are having a negative impact on 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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