News of relief on the front of the economy! Huge jump in exports and reduction in trade deficit in the month of October

There is a good news for the economy of India. According to government data, India’s exports have seen an increase of nearly 30 percent in the month of October. Which is a big increase compared to imports. Because of this, an increase of 16.57 percent has been seen in the import in the month of October. Due to which the trade deficit of the country has decreased. Let us also tell you what kind of figures have been seen from the government on the trade front.

Increase in exports

India’s exports have increased in the month of October. According to government data released on Friday, India’s exports grew by 29.9 percent in October. After which the total export of the country has increased to 89.99 billion US dollars. The country’s total exports in the month of September were 80.75 billion dollars. A year ago it was $69.27 billion. The huge increase in exports of goods was a major contributor to this. The country’s imports rose to US $110.07 billion in October from US $94.42 billion in the same month last year. However, the total trade deficit narrowed to $20.09 billion from $25.15 billion in the same month last year, as exports grew more than imports. Merchandise exports rose 45.06 percent to $49.47 billion in October from $34.11 billion a year ago.

The goods trade deficit widened

According to Reuters, Commerce Secretary Rajesh Agrawal said that India’s monthly exports of goods were the highest ever recorded this month. However, the trade deficit has also widened with a sharp rise in exports of goods. The goods trade deficit widened to $39.88 billion in October, the largest in a year, according to Reuters calculations based on government data. This was higher than the $30.21 billion deficit reported in September and the $32.25 billion deficit estimated by economists in a Reuters poll. Goods imports rose to $89.35 billion in October from $76.69 billion in the same month last year. Compared to September, exports increased by $44.40 billion, while imports increased by $74.61 billion.

Service sector recovered

Exports in the services sector are estimated at $40.51 billion in October, up from $35.17 billion a year ago. Imports of services also increased to an estimated $20.72 billion from $17.73 billion. An increase in the services sector helped offset the trade deficit in goods, thereby contributing to a reduction in the overall trade deficit. The ministry clarified that the service sector figures for October are only estimates, as the latest actual figures released by the Reserve Bank of India are for the month of September. Being the world’s third largest oil consumer, India imports about 85 percent of its crude oil requirements. Conflict in the Middle East and disruptions in global energy markets due to rising import costs have put pressure on India’s trade balance. There was some relief as Brent crude prices fell to around $92 a barrel.