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India's Oct trade deficit at $14.02 billion

India's Oct trade deficit at $14.02 billion”

Cumulative exports during April-October 2017-18 increased by 9.62 per cent to USD 170.28 billion, while imports grew by 22.21 per cent to USD 256.43 billion, leaving a trade deficit of USD 86.14 billion.

Exports entered the negative terrain after over an year, contracting 1.12 per cent in October primarily due to liquidity problem being faced by exporters following rollout of the Goods and Services Tax.

India's trade deficit widened to its highest in almost three years in October, government data showed on Tuesday, as export growth contracted for the first time after more than a year.

Goods imports last month were $ 37.12 billion, a gain of 7.6% from a year ago, data from the commerce and industry ministry showed.

Exporters had earlier warned that the double-digit growth in outbound shipment between July and September despite roll-out of GST might not present a true picture, as there were advance orders.

Cumulative value of imports for the period April-October 2017-18 stood at $256.43 billion (Rs1,653,435.01 crore) against $209.83 billion (Rs1,403,911.51 crore), showing a growth of 22.21 per cent in dollar terms and 17.77 per cent growth in rupee terms over the same period past year.

Merchandise exports for October fell 1.12% from a year earlier to $23.1 billion, dropping for the first time since August 2016, dragged down by fall in gems, jewelry and textile exports.

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. 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 a year ago.

Oil and non-oil imports grew by 27.89 per cent and 2.19 per cent to United States dollars 9.28 billion and USD 27.83 billion, respectively in October.



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