India's Trade Dynamics: October Export Slump and Growing Import Surge

India's exports fell by 11.8% to USD 34.38 billion in October, while imports rose by 16.63% to USD 76.06 billion, leading to a trade deficit of USD 41.68 billion. A significant increase in gold and silver imports contributed to this rise. Meanwhile, exports to the US diminished.

In October, India's export figures saw a sharp contraction of 11.8%, reaching USD 34.38 billion, according to recent government data.

Meanwhile, imports surged by 16.63% to USD 76.06 billion, bringing the nation's trade deficit to a concerning USD 41.68 billion for the month.

The increased import figures can largely be attributed to a spike in gold and silver shipments, with gold imports alone rising significantly to USD 14.72 billion compared to USD 4.92 billion the previous year. Notably, India's exports to the United States fell to USD 6.3 billion in October from USD 6.9 billion the previous year, as per Commerce Secretary Rajesh Agrawal. Over the April-October period, exports have shown a marginal growth of 0.63%, while imports have increased by 6.37%, according to commerce ministry data.

(With inputs from agencies.)