India’s imports are moderate; exports decline for the first time in two years.
- In October, India’s merchandise exports fell for the first time in two years due to weakening foreign demand amid recession fears in the West and a higher number of holidays during the festival month.
- Tuesday’s commerce department report showed exports fell 16.65% in October to $29.78 billion.
- Imports grew 5.7% to $56.69 billion, the lowest figure in eight months.
- This led to a trade deficit of $26.91 billion, which has been above $25 billion for five months.