Exports up 17.25% in Oct, highest in over 2 yrs, trade deficit widens

Imports increased by 3.9% to $66.34 billion in October compared to $63.86 billion in the year-ago period

India's merchandise exports in October rose by an impressive 17.25 percent year-on-year, highest in over two years, to $39.2 billion, while the trade deficit widened to $27.14 billion on a sequential basis.

According to the government data released on Thursday, imports increased by 3.9 percent to $66.34 billion in October compared to $63.86 billion in the year-ago period, mainly due to a 13.34 percent rise in crude oil imports.

The trade deficit (gap between imports and exports) narrowed as compared to $30.42 billion recorded in October last year. However, it has widened from $20.78 billion recorded in September this year.

The country's merchandise exports have recorded the previous high growth of 30.12 percent in June 2022.