India’s Export Dips To $29.78 Bn In October

India's exports dipped to USD 29.78 billion in October against USD 35.73 billion in the same month last year, while imports during the month under review increased to USD 56.69 billion as against USD 53.64 billion in October, according to the preliminary data released by the commerce ministry on Tuesday.

The data showed that imports during the month grew by 33.12 per cent to USD 436.81 billion. Also, during April-October 2022, the export rate witnessed a growth of 12.55 per cent to USD 263.35 billion.

"Non-petroleum and non-gems and jewellery exports in October 2022 were USD 21.72 billion, compared to USD 26.15 billion in October 2021," the Ministry of Commerce and Industry said in a statement.

Non-petroleum, non-gems and jewellery (gold, silver and precious metals) imports were USD 34.40, compared to USD 32.88 billion in October 2021.

Meanwhile, the merchandise trade deficit for April-October 2022 was estimated at USD 173.46 billion as against USD 94.16 billion in April-October 2021.

Talking about the services exports, the ministry said that it valued at USD 28.58 billion as compared to USD 20.37 billion in October 2021.

The estimated value of services import for October 2022 was USD 16.30 billion as compared to USD 11.64 Billion in October 2021, it added.