India's export drops; trade deficit widens to $14 billion in October
After witnessing a considerable fall in the shipments of pharmaceuticals, leather, textiles, gems, and jewellery, the commerce ministry data released on Tuesday reported a 1.12 per cent decline in the overall export to $23 billion. The data shows 7.6 per cent growth in the trade deficit, which amounts to $37.11 billion in October from $34.5 billion in the year-ago period.
After attaining six-month high growth in September, the trade deficit - difference between exports and imports - widened to $14 billion during the month under review as against $11.13 billion in October 2016. Due to less the demand of gold, 16 per cent drop - which amounted to $2.94 billion - was seen in October. The data shows oil and non-oil imports grew by 27.89 per cent and 2.19 per cent to $9.28 billion and $27.83 billion, respectively in October.
Cumulative exports during April-October 2017-18 increased by 9.62 per cent to $170.28 billion, while imports grew by 22.21 per cent to $256.43 billion, leaving a trade deficit of $86.14 billion.
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 export had soared by 25.67 per cent 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.
With PTI inputs.
Source:- Businesstoday.in
