Signs of global slowdown: Export credit demand shrinks 25% YoY in October

The data released by the Reserve Bank of India (RBI) showed a fall in export credit even though the bank credit saw a robust growth of 18 per cent

The credit demand from Indian exporters shrunk 25.1 per cent year-on-year (YoY) in October, showing the impact of slowing global trade. The merchandise exports fell below the $30 billion mark for the first time in the last 20 months. According to a report by the Economic Times (ET), there might be a further slowdown in merchandise shipments.