India’s exports shrank by 16.65 per cent to $29.78 billion in October 2022 against the corresponding period of last year.
According to Commerce Ministry data, imports though rose to $56.69 billion in October 2022 as against $53.64 billion in October 2021.
In the April-October 2022 period, exports grew 12.55 per cent to $263.35 billion.
Imports during the same period rose 33.12 per cent to $436.81 billion, the data showed.
Rising global inflation, Russia-Ukraine war, growing China-Taiwan crisis and supply chain disruptions have impacted economic growth worldwide, thus leading to shrinking demands.