India’s trade deficit has increased to $8.71Bn in October which is highest in the Financial Year 2020-21. This is due to the decline in exports by 5.12% which currently stands at $24.89 Bn.
The official data was released on Friday.
The economy has suffered a decline in the export of gems & jewelry, leather and engineering goods.
Gold and electronic imports have risen to 35.88% and 16.12% respectively. India exports had grown in September as 20 out of 30 major sectors grew.
RBI has also released the data for service exports in September.
According to the data, service exports declined by 1.4% to $17.29Bn.
In October 2019, the service exports stood at $17.54 Bn.