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Indian exports dip in October at $23 bn, trade deficit up

Author: IANS/Wednesday, November 15, 2017/Categories: Economy

Indian exports dip in October at $23 bn, trade deficit up

New Delhi, Nov 14 - Reversing a 13-month upward trend, Indian exports in October declined year-on-year by 1.12% to $23 billion due to a drop in shipments of textiles, pharmaceuticals, leather goods and gems and jewellery, according to official data released on November 14.

Exports in September had risen over 25% to a six-month high of $28.61 billion.

Imports in October, however, grew by 7.6% 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%, engineering was up 11.77% and chemicals exports rose 22.29%.

Segment-wise, the data showed that India's oil imports during October shot up by 27.89% to $9.29 billion, from $726 billion in the same month last year.

"The global Brent prices have increased by 19.42% 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% over non-oil imports of $27.23 billion in October last year.

Cumulative exports during April-October, however, increased by 9.62% to $170.28 billion while imports grew by 22.21% 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 November 14, 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 November 14, 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.

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Kavita Giridhar Mallya

IANS

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