INDIA’S EXPORTS UP 18% IN OCT

NEW DELHI: India's exports rose by 17.86 per cent to $26.98 billion in October mainly due to the low base effect even as trade deficit widened to $17.13 billion, according to the commerce ministry data.

The exports on monthly basis were down compared to $27.95 billion in September.

Imports during October also rose by 17.62 per cent to $44.11 billion, leading to widening of trade deficit to $17.13 billion.

The deficit widened despite a steep decline of 42.9 per cent in gold imports to $1.68 billion during the month under review.

The trade gap was $14.61 billion in October 2017.

Exporters attributed close to 18 per cent growth in exports in October to a favourable base effect, as the foreign shipments in the comparable month of the previous fiscal were quite low at $22.89 billion.

The Federation of India Export Organisations (FIEO) said that exports in October last year were even lower than that of September this year.

Base effect is responsible for the high growth in October, it said.

Sharing similar views, Engineering Export Promotion Council of India (EEPC) said that high growth in October has come about on the back of a favourable base effect.

FIEO President Ganesh Gupta demanded for augmenting the flow of credit as the sharp decline does not augur well for the sector.

The sectors which recorded healthy growth in October includes petroleum (49.3 per cent), engineering (8.87 per cent), chemicals (34 per cent), pharma (13 per cent), and gems and jewellery sector (5.5 per cent). On the other hand, exports of several agri commodities recorded negative growth and that includes coffee, rice, tobacco, cashew and oil seeds. During the AprilOctober period of the current fiscal, exports grew by 13.27 per cent to $191 billion.

Imports were up by 16.37 per cent to $302.47 billion, leaving a trade deficit of $111.46 billion during the first seven months of the current fiscal. It was $91.28 billion in Apriloctober 2017-18.

“Oil imports in October 2018 were $14.21 billion, which was 52.64 per cent higher in dollar terms compared to $9.31 billion in October 2017,” the statement said.

Lately, global Brent price has increased by 39.66 per cent in October 2018 vis-à-vis October 2017.

“Non-oil imports in October 2018 were estimated at $29.90 billion which was 6.05 per cent higher in dollar terms, compared to $28.19 billion in October 2017,” the statement said.

“Non-oil and non-gold imports were $28.21 billion in October 2018, recording a positive growth of 11.77 per cent, as compared to nonoil and non-gold imports in October 2017.”

October 2018 exports increased to $26.98 bn from $22.89 bn reported for the corresponding month of last year