Exports down 1.12% in October; trade deficit balloons

New Delhi: Export declined by 1.12 percent to USD 23 billion in October, retreating from a six-month high growth in September as shipments of textiles, pharmaceuticals, leather and gems and jewellery fell, official data showed.

Imports, however, grew by 7.6 percent to USD 37.11 billion in October from USD 34.5 billion in the year-ago month, the commerce ministry data released on Tuesday showed.

Trade deficit widened to USD 14 billion during the month under review as against USD 11.13 billion in October 2016.

Gold imports dipped by 16 percent to USD 2.94 billion last month.

Oil and non-oil imports grew by 27.89 percent and 2.19 percent to USD 9.28 billion and USD 27.83 billion, respectively in October.

Cumulative exports during April-October 2017-18 increased by 9.62 percent to USD 170.28 billion, while imports grew by 22.21 percent to USD 256.43 billion, leaving a trade deficit of USD 86.14 billion.

In October, petroleum, engineering and chemicals exports grew by 14.74 percent, 11.77 percent and 22.29 percent, respectively.

India's export had soared by 25.67 percent to USD 28.61 billion in September, logging its highest growth in last six months on the back of expansion in shipments of chemicals, petroleum and engineering products.