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Exports contract 1.11% in Oct, trade deficit at $11.01 bln

Exports fell by 1.11% to $26.38 bn in October on account of contraction in sectors like petroleum and leather.

, ET Bureau|
Updated: Nov 15, 2019, 10.26 PM IST
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Trade deficit narrows to $11 billion in October; exports dip 1.11%, import contracts 16.31%
Trade deficit narrows to $11 billion in October; exports dip 1.11%, import contracts 16.31%
New Delhi: India’s exports shrank at a slower pace in October with key sectors of petroleum, leather and carpet showing a decline in outward shipments even as a steeper contraction in imports helped narrow the trade deficit from the year ago period. Exports contracted 1.11% to $26.38 billion in October while a sharper shrinkage in imports left a trade deficit of $11.01 billion compared with $18 billion last year.

Imports shrank 16.31% to $37.39 billion, according to official data released by commerce and industry ministry showed on Friday.

Electronic goods, drugs & pharmaceuticals, gems & jewellery, engineering goods and chemicals were the major commodity groups of export which showed growth.

“Negative exports for October have not come as a surprise, amidst global slowdown, particularly in the main destinations of Indian exports. However, the pace of de-growth for October has come down, month-on-month,” EEPC India Chairman Ravi Sehgal said.

Oil imports, in October 2019, fell 31.74% on year to $9.63 billion. Gold imports were up 4.74% to $1.83 billion.

Exports in the April-October period shrank 2.21% to $185.95 billion while Imports were down 8.37% to $280.67 billion, leaving a trade deficit of $94.72 billion.

“Overall, the picture remains challenging, he said, urging the government and the RBI to take measures to improve competitiveness of Indian exports,” Sehgal said.

Only 12 out of the 30 exporting sectors showed growth in October.

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