Merchandise exports to seven out of India’s top 10 trading partners declined sharply from a year ago in October due to a significant slowdown in economic activity globally, two people, citing the preliminary data released by the government, said.
Merchandise exports to the US, United Arab Emirates, China, Bangladesh, UK, Saudi Arabia and Hong Kong contracted year-on-year by 26%, 18%, 47.5%, 52.5%, 22%, 20% and 23.6%, respectively, in October 2022 due to the impact of massive global headwinds, they added.
However, exports to the Netherlands grew by 22%, Singapore by 25%, and Brazil by 58% over the year ago. It shows that the impact of the economic meltdown is uneven, they said, seeking anonymity.
India’s total mercantile exports fell 16.65% from the year-ago to $29.78 billion in October. Exports to the top 10 destinations, which account for 47% of the total exports by value, fell 21% from $17.72 billion in October 2021 to $13.92 billion last month.