techkenyot.com
techkenyot.com November 18, 2017


Exports enters negative zone in Oct; trade deficit widens

14 November 2017, 05:51 | Glen Norman

India's October trade deficit hits a 3-year high of $14.02 billion

After 13-month recovery, exports fall 1.1% to $23 bn

The trade deficit widened to nearly three-year high of Dollars 14 billion during the last month as against USD 11.13 billion in October 2016 as imports surged.

The trade deficit widened to $14.02 billion last month from $8.98 billion in September, data from the Ministry of Commerce and Industry showed. Trade deficit was $9.242 billion in the first four months of last fiscal year and increased to $12.129 billion during the same period of the current fiscal year. Exports following a growth of 7.89 percent increased to $1.9 billion in October 2017 from $1.8 billion in October 2016 while imports after a growth of 23.6 percent increased to $4.9 billion from $3.98 billion.

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Cumulative value of exports for the period April-October 2017-18 stood at $170.29 billion (Rs1,097,858.68 crore) against $155,34 billion (Rs1,039,297.59 crore), showing a growth of 9.62 per cent in dollar terms and a 5.63 per cent growth in rupee terms over the same period past year. Due to less the demand of gold, 16 per cent drop - which amounted to $2.94 billion - was seen in October.

Goods imports were up 7.6% from a year earlier to $37.12 billion.

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Exports had soared by 25.7 per cent to $28.6 billion in September, its highest growth in six months, with expansion in shipment of chemicals, petroleum, and engineering products.

India's exports fell 1.1% from a year earlier to $23.1 billion in October, government data showed Tuesday. Oil imports during April-October 2017-18 were valued at $56.25 billion, which was 20.23 per cent higher than oil imports of $46.79 billion in the corresponding period previous year. The jewellery imports rose by 24.5% in October to $2.31 billion, while the non-oil imports were at $27.83 billion up 2.2% year-on-year. Non-oil imports during April-October 2017-18 were valued at $200.18 billion, which was 22.78 per cent higher than the level of such imports valued at $163.05 billion in April-October 2016-17.

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