Ex­ports drop 1.12% to $23 bn IN OCT; TRADE DEFICIT BAL­LOONS

Millennium Post - - BUSINESS -

NEW DELHI: Ex­port de­clined by 1.12 per cent to $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 per cent to $37.11 bil­lion in Oc­to­ber from $34.5 bil­lion in the year-ago month, the com­merce min­istry data re­leased on Tues­day showed.

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

Gold im­ports dipped by 16 per cent to $2.94 bil­lion last month.

Oil and non-oil im­ports grew by 27.89 per cent and 2.19 per cent to $9.28 bil­lion and $27.83 bil­lion, re­spec­tively in Oc­to­ber.

Cu­mu­la­tive ex­ports dur­ing April-oc­to­ber 2017-18 in­creased by 9.62 per cent to $170.28 bil­lion, while im­ports grew by 22.21 per cent to $256.43 bil­lion, leav­ing a trade deficit of $86.14 bil­lion.

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

In­dia's ex­port had soared by 25.67 per cent to $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.

Trade deficit is an eco­nomic mea­sure of in­ter­na­tional trade BEI­JING: China's in­dus­trial out­put slowed in Oc­to­ber, of­fi­cial data showed on Tues­day, as au­thor­i­ties fight smog by clamp­ing down on pol­lu­tion pro­duced by heavy in­dus­tries.

Out­put at fac­to­ries and work­shops ex­panded 6.2 per cent on-year, the Na­tional Bureau of Sta­tis­tics (NBS) said, in which a coun­try's im­ports ex­ceeds its ex­ports. A trade deficit rep­re­sents an out­flow of do­mes­tic cur­rency to for­eign mar­kets. It is also called a neg­a­tive bal­ance of trade. slow­ing from 6.6 per cent in Septem­ber and be­low a fore­cast of 6.3 per cent in a Bloomberg News sur­vey.

The gov­ern­ment has moved to wind down pro­duc­tion at some steel fac­to­ries and smelters in a drive to clean up the coun­try's smog-rid­den cities.

Fac­to­ries also closed dur­ing last month's Com­mu­nist Party congress, dur­ing which Pres­i­dent Xi Jin­ping called for more ef­forts to pro­tect the en­vi­ron­ment. The gov­ern­ment is also push­ing to make do­mes­tic de­mand a growth driver of the world's sec­ond largest econ­omy and make China less re­liant on man­u­fac­tur­ing and ex­ports.

"Gen­er­ally speak­ing, the na­tional econ­omy main­tained sta­ble per­for­mance with im­proved qual­ity and sound mo­men­tum," NBS spokes­woman Liu Ai­hua told re­porters. "How­ever, we must be aware that China is at a piv­otal stage for trans­form­ing the growth model," she said.

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