Trade Deficit Widens As Imports Rise 17.6% In October

Exports rose by 17.86 per cent to $26.98 billion in October compared to the year-ago month, according to the commerce ministry data. Imports during the month also rose by 17.62 per cent to $44.11 billion, leading to widening of trade deficit to $17.13 billion. The deficit widened despite a steep decline of 42.9 per cent in gold imports to $1.68 billion during the month under review. The trade gap was $14.61 billion in October 2017.    

During the April-October period of the current fiscal, exports grew by 13.27 per cent to $191 billion.   Imports were up by 16.37 per cent to $302.47 billion, leaving a trade deficit of $111.46 billion during the first seven months of the current fiscal. It was $91.28 billion in April-October 2017-18.    

Oil imports in October increased by 52.64 per cent to $14.21 billion. The non-oil imports rose by 6 per cent to $29.9 billion in the month. In September, exports had contracted by 2.15 per cent.