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India’s goods exports bounced back in October posting a 17.86 per cent year-on-year growth to $26.98 billion boosted by an increase in shipments of petroleum products, chemicals, pharmaceuticals and engineering goods.
Imports during the month grew 17.62 per cent to $44.11 billion widening the trade deficit to $17.13 billion compared to $14.61 billion last October, according to figures released by the Commerce Ministry on Thursday.
While import of crude and petroleum products jumped over 52 per cent to $14.20 billion during the month, import of gold declined 42.9 per cent to $1.68 billion.
In September, exports had fallen 2.15 per cent compared to last September, but in absolute terms the export value was higher at $27.95 billion.
“The exports during the month are close to $27 billion, which re-affirms our assessment of reaching the new milestone of $350 billion in the current fiscal,” said Ganesh Kumar Gupta, President, Federation of India Export Organisations (FIEO). This will be the highest ever annual exports figure which is being targeted by exporters braving all the odds, he added.
Ready-made garments, gems & jewellery, spices, electronics, leather goods, plastics and handicrafts were some of the other items which recorded an increase in exports in October.
Exports of a number of agriculture and food items, including rice, cashew, meat, dairy products, other cereals and pulses, however, witnessed a fall during the month.
Total exports in April-October 2018-19 were $191.01 billion which was 13.27 per cent higher than exports in the comparable period last year. Imports during the period were 16.37 per cent higher at $302.47 billion.
Trade deficit in the first seven months of the fiscal widened to $111.46 billion compared to $91.28 billion in the same period last year.
Last month, the Commerce Ministry had said that the decline in exports was due to the base effect resulting from September 2017 being an abnormally high growth month due to imminent cut off then for drawbacks at pre-GST rates.
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