Exports up 9.59% at $23.5 bn in October; trade deficit at $10 bn

New Delhi: Exports continued to grow for the second month in a row, expanding by 9.59 percent to USD 23.51 billion in October on healthy growth in shipments of jewellery and engineering products.

Exports of engineering products rose by 13.86 percent, gems and jewellery by 21.84 percent, petroleum by 7.24 percent and chemicals by 6.65 percent during the month compared to the same month last year, the official data released today showed.

Imports too increased by 8.11 percent to USD 33.67 billion, leaving a trade deficit of USD 10.16 billion in the month under review.

In September, exports grew by 4.62 percent to USD 22.9 billion on the back of expansion in shipments of engineering products and gems and jewellery, arresting the two-month fall.

During April-October period of the current fiscal, exports dipped by 0.17 percent to USD 154.91 billion. Imports too contracted by 10.85 percent to USD 208 billion, leaving a trade deficit of USD 53.16 billion.

Oil imports in October grew by 3.98 percent to USD 7.14 billion. Non-oil imports rose by 9.28 percent to USD 26.53 billion.

Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July and August.