Double-whammy. Exports contract 16.6% in October to $29.78 b for the first time this fiscal

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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.