India's exports slipped for the 11th month in a row. The figures registered a dip of 17.53% in October to $ 21.35 billion. However, the trade deficit improved.
The primary reason behind the slip in exports could be the steep decline in shipments of petroleum products (57%), iron ore (85.5%), engineering (11.65%) and gems and jewelery (12.84%) amidst a global demand slowdown.
Imports shrank too at an annual 21.15% to $ 31.12 billion in October. This narrows the trade gap to $ 9.76 billion, lowest figure since February.
Image crediit: Indiatimes