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Exports fall again on global trade woes
India’s merchandise exports slid back into contraction mode in October as struggling global trade continued to face headwinds from the COVID-19 pandemic.
Outbound shipments declined 5.4% from a year earlier to $24.82 billion, after a brief respite in September when exports had expanded 6% to snap a six-month-long contraction.
Imports of goods also declined by 11.5% last month, as per preliminary trade data released by the Commerce and Industry Ministry on Tuesday, taking the overall imports between April to October to $182.29 billion, 36.3% lower than the same period in 2019.
Merchandise exports in the first seven months of the current financial year amounted to $150.07 billion, a 19.1% contraction from the year-earlier period.