India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to USD 29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to USD 26.91 billion, according to data released by the commerce ministry on Tuesday.
Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products, and leather, recorded negative growth during October.
Imports during the month under review rose by about 6 per cent to USD 56.69 billion on account of increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser and machinery. During April-October 2022, exports recorded a growth of 12.55 per cent to USD 263.35 billion. Imports rose 33.12 per cent to USD 436.81 billion.
