India’s merchandise trade deficit at $27.14 billion in October

Import growth continued to outpace exports on both monthly and yearly bases.

Merchandise exports rose 13.4% sequentially, reaching $39.2 billion in October, compared to $34.58 billion in September, and showed a year-on-year increase from $33.43 billion.

Meanwhile, imports surged nearly 20% from the previous month to $66.34 billion, up from $55.36 billion in September and a slight rise from $63.86 billion year-on-year.

Commerce Secretary Sunil Barthwal commented, “Despite the volatile global atmosphere, Indian exporters have been able to overcome that situation and deliver.”

Services trade also saw increases with services exports estimated at $34.02 billion in October, with imports at $17 billion, compared to $30.61 billion in exports and $16.32 billion in imports in September.

(With inputs from Reuters)