Exports Decline; Trade Deficit Highest In October

  • 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.

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