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Export drops 1.12% to $23bn in October; trade deficit balloons

14 November, 2017 1:28 PM
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Export 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.

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.

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 export 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.

Also read: Indian rupee at day's high, gains 27 paise


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