India’s exports drop 1.12% to $23 billion in October, trade deficit widens

Export declined by 1.12% to $23 billion in October, but imports grew by 7.6% to $37.11 billion in October from $34.5 billion in the year-ago month.

Exports declined by 1.12% to $23 billion in October, retreating from a six-month high growth in September as shipments of textiles, pharmaceuticals, leather and gems and jewellery fell, official data showed.

Cumulative exports from India during April-October 2017-18 increased by 9.62% to $170.28 billion. (AP file photo / Representative)

Imports, however, grew by 7.6% to $37.11 billion in October from $34.5 billion in the year-ago month, the commerce ministry data released today showed.

Trade deficit widened to $14 billion during the month under review as against $11.13 billion in October 2016.

Gold imports dipped by 16% to $2.94 billion last month.

Oil and non-oil imports grew by 27.89% and 2.19% to $9.28 billion and $27.83 billion, respectively in October.

Cumulative exports during April-October 2017-18 increased by 9.62% to $170.28 billion, while imports grew by 22.21% to $256.43 billion, leaving a trade deficit of $86.14 billion.

In October, petroleum, engineering and chemicals exports grew by 14.74%, 11.77% and 22.29%, respectively.

India’s exports had soared by 25.67% to $28.61 billion in September, logging its highest growth in last six months on the back of expansion in shipments of chemicals, petroleum and engineering products.