Tuesday, 21 November, 2017

Indian exports dip in October at $23 bn, trade deficit up

Indian exports dip in October at $23 bn, trade deficit up Indian exports dip in October at $23 bn, trade deficit up
Conrad Doyle | 14 November, 2017, 22:11

Exports entered the negative terrain after over an year, contracting 1.12 per cent in October primarily due to liquidity problem being faced by exporters following rollout of the Goods and Services Tax.

Consequently, India's trade deficit widened to $14 billion during the month, as against $11.13 billion in October a year ago. Higher crude oil prices and a more than a quarter jump in volume from a year ago pushed India's petroleum imports to $9.29 billion, also helping to widen the trade gap. Last time it was in August 2016 when the shipments were in the red. Mr Gupta said that there is immediate need for remedial measures to prevent further decline in exports otherwise the situation may be worse for November, 2017.

Ironically, exports fell in a month when the GST Council addressed most of the complaints of exporters, though one important measure, e-wallets, would kick in only by the next financial year.

Exports during October 2017 were valued at U.S. $23,098.18 million as compared to $23,360.61 million during October 2016, registering a decline of 1.12%, according to data released by the Ministry of Commerce and Industry on Tuesday.

He said there is sharp fall in major labour-intensive sectors like leather and leather products, gems and jewellery, handicrafts, ready-made garments and carpets among others.

In October, petroleum, engineering and chemicals exports grew by 14.74 per cent, 11.77 per cent and 22.29 per cent, respectively. Exports meanwhile, had appeared to be back on track, registering a 26 per cent rise in September, the highest in six months. REUTERS/Amit Dave/FilesThe trade deficit INTRD=ECI widened to $14.02 billion last month from $8.98 billion in September, data from the Ministry of Commerce and Industry showed.

Pakistan's trade deficit increased to a whopping $12.1 billion during the first four months of the current fiscal year, Pakistan Bureau of Statistics (PBS) said on Monday.

Non-oil imports during October at $27.83 billion grew by 2.19 per cent over non-oil imports of $27.23 billion in October previous year.

This is published unedited from the PTI feed.

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