India exports declined by 1.12 per cent to 23 billion US Dollars in
October, retreating from a six-month high growth in September as shipments of
textiles, pharmaceuticals, leather and gems and jewellery fell according to
official data released by the commerce ministry.
Imports, however, grew by 7.6 per cent to 37.11 billion US Dollars in
October from 34.5 billion US Dollars during the same month last year.
Trade deficit widened to 14 billion US Dollars during the month under
review (October 2017) as against 11.13 billion US Dollars in October 2016.
Gold imports dipped by 16 per cent to 2.94 billion US Dollars last month.
Oil and non-oil imports grew by 27.89 per cent and 2.19 per cent to 9.28
billion US Dollars and 27.83 billion US Dollars respectively in October.
Cumulative exports during April-October 2017-18 (the first seven months of
the current financial year) increased by 9.62 per cent to 170.28 billion US
Dollars, while imports grew by 22.21 per cent to 256.43 billion US Dollars,
leaving a trade deficit of 86.14 billion US Dollars.
In October, petroleum, engineering and chemicals exports grew by 14.74 per
cent, 11.77 per cent and 22.29 per cent, respectively.
India’s exports had soared by 25.67 per cent to 28.61 billion US dollars in
September, logging its highest growth in last six months on the back of expansion
in shipments of chemicals, petroleum and engineering products.