Indian exports dip in October at $23 bn, trade deficit up
New Delhi Nov 14 (IANS) Reversing a 13-month upward trend Indian exports in October declined year-on-year by 1.12 per cent to $23 billion due to a drop in shipments of textiles pharmaceuticals leather goods and gems and jewellery according to official data released on Tuesday.
Exports in September had risen over 25 per cent to a six-month high of $28.61 billion.
Imports in October however grew by 7.6 per cent to $37.11 billion from $34.5 billion in the same month last year a Commerce Ministry release said.
Consequently India s trade deficit widened to $14 billion during the month as against $11.13 billion in October last year.
While petroleum exports in October grew by 14.74 per cent engineering was up 11.77 per cent and chemicals exports rose 22.29 per cent.
Segment-wise the data showed that India s oil imports during October shot up by 27.89 per cent to $9.29 billion from $726 billion in the same month last year.
"The global Brent prices have increased by 19.42 per cent in October 2017 vis-a-vis October 2016 as per World Bank commodity price data " the statement said.
Non-oil imports during October at $27.83 billion grew by 2.19 per cent over non-oil imports of $27.23 billion in October last year.
Cumulative exports during April-October however increased by 9.62 per cent to $170.28 billion while imports grew by 22.21 per cent to $256.43 billion resulting in a trade deficit of $86.14 billion for the first seven months of the current fiscal.
As per Reserve Bank of India (RBI) data on Tuesday Indian services exports in September this year at $13.73 billion resulted in a positive trade balance on this account for the month ($5.28 billion).
Earlier on Tuesday Commerce Minister Suresh Prabhu said India was keen to develop regional free trade partnerships.
"Overall we would like to increase exports but not discourage imports " Prabhu said at the inauguration here of the 37th India International Trade Fair.
"India would like to develop regional partnerships and relationships " he said adding that the ongoing mid-term review of the Foreign Trade Policy would be presented soon.