Economy

Looking up: Exports rise 9.59% in October

Our Bureau New Delhi | Updated on January 15, 2018

Imports rise 8.11% with gold doubling

India’s export of goods increased 9.59 per cent to $ 23.51 billion (year-on-year) — the second consecutive month of growth and the third monthly increase this fiscal — raising optimism among exporters of a turnaround.

Imports during the month rose 8.11 per cent, mainly due to a doubling of gold imports, to $33.67 billion, increasing trade deficit to $10.16 billion from $9.69 billion in the same month last year.

“If this kind of positive growth continues in the coming months, we are definitely on course to achieve $280 billion or even more in exports during the current fiscal,” said Ganesh Kumar Gupta, Vice- President, Federation of Indian Export Organisations.

Goods exports declined for the second consecutive year in 2015-16 dipping 15.85 per cent to $261.13 billion.

17 sectors up

The increase in exports in October was spread across 17 sectors, out of 30 major product groups. These include carpets, marine products, gems & jewellery, coffee, engineering goods, tobacco, meat, dairy & poultry products, RMG of all textiles and ceramic products & glassware.

Imports of gold increased 108.43 per cent in October 2016 to $3.49 billion but silver import declined 48.81 per cent to $0.18 billion. Other imports which increased include chemicals, pearls, precious & semi-precious stones, petroleum, fertilisers, transport equipment and machinery.

Total exports for the period April-October remained in the negative zone posting a 0.17 per cent fall to $154.91 billion. Imports during the period April-October at $208.08 billion fell 10.85 per cent.

Trade deficit in the April-October period at $53.16 billion was lower than $78.23 billion in the same period last year.

Published on November 15, 2016

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