India's exports contract for first time in 2 years; imports moderate

Exports decline 17% to $29.78 bn in October

India’s merchandise exports contracted for the first time in two years, in October, as slowing external demand amid recession fears in the West started impacting shipments from the country, further exacerbated by a higher number of holidays during the festival month.

The exports declined 16.65 per cent in October to $29.78 billion, the data released by the commerce department showed on Tuesday. Imports, on the other hand, moderated to the lowest level in eight months, growing at 5.7 per cent to $56.69 billion last month. This resulted in a trade deficit of $26.91 billion, which remained above the $25-billion mark