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Exports dip 17.5% in October; trade deficit narrows - The Economic Times
NEW DELHI: Contracting for the 11th month in a row, India's merchandise exports fell 17.53 per cent in October to $ 21.35 billion, mainly due to a steep fall in shipments of petroleum products, iron ore and engineering, amid a broader demand slowdown.
The imports too shrank an annual 21.15 per cent to $ 31.12 billion in October, narrowing the trade gap to $ 9.76 billion, from $ 13.57 billion in the same month last year.
Exports in October 2014 were valued at $ 25.89 billion.
Gold imports during the month under review showed a sharp decline of 59.5 per cent at $ 1.70 billion.
The cumulative exports during April-October this fiscal came down by 17.62 per cent to $ 154.29 billion as against $ 187.2 billion in the same period last year, according to data released by the Commerce Ministry.
The trade deficit during the first seven months of the current fiscal has shrunk to $ 77.76 billion as against $ 86.26 billion last fiscal.
Oil and non-oil imports in October slid 45.31 per cent and 9.93 per cent to $ 6.84 billion and $ 24.2 billion, respectively.
On the export front, shipments of petroleum products tumbled 57 per cent to $ 2.46 billion while those of iron ore sharply declined by 85.53 per cent to $ 2.95 million.
Engineering products were no exception, shipments of which took a knock of 11.65 per cent at $ 4.57 billion.
In September, the country's exports went down 24.33 per cent.
NEW DELHI: Contracting for the 11th month in a row, India's merchandise exports fell 17.53 per cent in October to $ 21.35 billion, mainly due to a steep fall in shipments of petroleum products, iron ore and engineering, amid a broader demand slowdown.
The imports too shrank an annual 21.15 per cent to $ 31.12 billion in October, narrowing the trade gap to $ 9.76 billion, from $ 13.57 billion in the same month last year.
Exports in October 2014 were valued at $ 25.89 billion.
Gold imports during the month under review showed a sharp decline of 59.5 per cent at $ 1.70 billion.
The cumulative exports during April-October this fiscal came down by 17.62 per cent to $ 154.29 billion as against $ 187.2 billion in the same period last year, according to data released by the Commerce Ministry.
The trade deficit during the first seven months of the current fiscal has shrunk to $ 77.76 billion as against $ 86.26 billion last fiscal.
Oil and non-oil imports in October slid 45.31 per cent and 9.93 per cent to $ 6.84 billion and $ 24.2 billion, respectively.
On the export front, shipments of petroleum products tumbled 57 per cent to $ 2.46 billion while those of iron ore sharply declined by 85.53 per cent to $ 2.95 million.
Engineering products were no exception, shipments of which took a knock of 11.65 per cent at $ 4.57 billion.
In September, the country's exports went down 24.33 per cent.
