Quick Summary:
- Weakening global demand, Diwali celebrations in October contributed to the decline, says Commerce Secretary
- India’s goods exports contracted for the first time this fiscal, falling 16.6 per cent in October 2022 to $29.78 billion (year-on-year), with shipments of most major items, such as petroleum, gems and jewelry, engineering goods, chemicals, textiles, and pharmaceuticals, taking a hit.
