India Oct trade deficit data came in at $ 26.91 bn. FY 22 - 23 till Oct came in at $ 183 bn.
Exports peaked in the first quarter of FY 22 - 23 and have steadily declined in line with a subdued global outlook. Exports contracted 9% mom to $ 29.78 bn while imports contracted 4% to $ 56.69 bn. Fall in exports was largely driven by cotton yarn/handloom, gems and jewellery exports, and engineering goods.
The Oct estimated services surplus came in at $ 12.28 bn and trade balance therefore stands at $ 14.63 bn.
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