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NEW DELHI: India’s goods exports went up 6.3% in October, the fastest pace of expansion in nearly a year, while imports soared to a record $65 billion, rising 12.3%.
As a result, the trade deficit hit a new high of $31.4 billion, eclipsing the previous record of $30 billion in July 2022. It was only the second time this year that exports grew with revised numbers for August estimating an increase of 3.8%.
“Some of the data in the first week of November suggests that green shoots are stabilising. We are hopeful that we will cross last year’s numbers. This is happening despite falling commodity prices,” commerce secretary Sunil Barthwal told reporters.
As a result, the trade deficit hit a new high of $31.4 billion, eclipsing the previous record of $30 billion in July 2022. It was only the second time this year that exports grew with revised numbers for August estimating an increase of 3.8%.
“Some of the data in the first week of November suggests that green shoots are stabilising. We are hopeful that we will cross last year’s numbers. This is happening despite falling commodity prices,” commerce secretary Sunil Barthwal told reporters.
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