India: Merchandise exports contract in October
Merchandise exports fell 5.6% annually in October (September: +6.0% year-on-year). Meanwhile, merchandise imports dived 10.1% in annual terms in October (September: -17.8% yoy), marking the best result since February 2020.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 8.7 billion deficit in October (September 2020: USD 2.7 billion deficit; October 2019: USD 11.0 deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 90.9 billion deficit in October, compared to the USD 93.2 billion deficit in September.