India’s export drops 1.12% in October; trade deficit widens to 3-year high

15 Nov 2017 Evaluate

Retreating from a six-month high growth in September, India’s merchandise exports stood at $23098.18 million, down by 1.12 percent in month of October 2017, primarily due to a decline in shipments of products like textiles, pharmaceuticals and leather. Also, trade deficit widened to $14018.83 million during the month under review as against $11134.48 million in October 2016, the highest in nearly three years and mainly because export growth contracted for the first time after more than a year.

As per the data released by the Commerce Ministry, exports declined by 1.12% to $23098.18 million in October 2017, as compared to $23360.61 million in the same month a year ago. In Rupee terms it was down by 3.59 % to Rs 150325.95 crore in October 2017, as compared to Rs 155926.73 crore during October 2016. Cumulative value of exports for the period April- October 2017-18 was $170286.55 million as against $155344.40 million, registering a positive growth of 9.62 % over the same period last year. In Rupee terms it was up by 5.63 % to Rs 1097858.68 crore from Rs 1039297.59 crore.

Non-petroleum and Non Gems & Jewellery exports in October 2017 were valued at $16604.63 million against $16202.27 million in October 2016, an increase of 2.48 %. Non-petroleum and Non Gems and Jewellery exports during April-October 2017-18 were valued at $124281.02 million as compared to $111556.32 million for the corresponding period in 2016-17, an increase of 11.41%.

Imports during October 2017, increased by 7.60 % to $37117.01 million as compared to $34495.09 million in October 2016, while in rupee terms it was up by 4.91 % to Rs 241562.31 crore from Rs 230246.81 crore in October 2016. Cumulative value of imports for the period April- October 2017-18 was $256434.21 million as against $209834.98 million, registering a positive growth of 22.21 % over the same period last year. In rupee terms the cumulative imports was Rs 1653435.01 crore, up by 17.77 % from Rs 1403911.51 crore in the same period last year.

Oil imports during October, 2017 were valued at $9286.74 million which was 27.89 % higher than oil imports valued at $7261.23 million in October 2016. Oil imports during April- October, 2017-18 were valued at $56252.00 million which was 20.23% higher than the oil imports of $46788.46 million in the corresponding period last year. Non-oil imports during October, 2017 were estimated at $27830.27 million which was 2.19 % higher than non-oil imports of $27233.86 million in October, 2016. Non-oil imports during April- October 2017-18 were valued at $200182.20 million which was 22.78 % higher than the level of such imports valued at $163046.52 million in April- October, 2016-17.

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