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Exports up 9.59% in October
Exporters body FIEO said this is a very encouraging sign as most of the global economies are still reeling under pressure to perform and global demand still does not seems to pick up. \"If this kind of positive growth continues in the coming months, we are definitely on course to achieve $280 billion or even more in exports during this fiscal,\" it said.
​New Delhi: A strong show by engineering, petroleum and gems & jewellery sectors pushed up exports for the second month in October by 9.59 per cent, although the trade deficit too shot up to 10-month high of $10.16 billion on account of surge in gold imports. Exports of engineering products rose by 13.86 per cent, gems and jewellery by 21.84 per cent, petroleum by 7.24 per cent and chemicals by 6.65 per cent during the month compared to the same month last year, the official data released on Tuesday showed.
Exporters body FIEO said this is a very encouraging sign as most of the global economies are still reeling under pressure to perform and global demand still does not seems to pick up. "If this kind of positive growth continues in the coming months, we are definitely on course to achieve $280 billion or even more in exports during this fiscal," it said.
Imports too increased by 8.11 per cent to $33.67 billion. It entered positive zone after nearly two-years. It grew by 26.79 per cent in November 2014. Jump in gold imports by 108.43 per cent to $3.5 billion in October, pushed the trade deficit to a 10-month high of $10.16 billion as against $9.69 billion in the same month last year. It was in December 2015 when trade deficit saw a high of $11.66 billion.
During the April-October period of current fiscal, exports dipped by 0.17 per cent to $154.91 billion. Imports too contracted by 10.85 per cent to $208 billion, leaving a trade deficit of $53.16 billion. Oil imports in October grew by 3.98 per cent to $7.14 billion. Non-oil imports rose by 9.28 per cent to $26.53 billion.
