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Oct trade deficit at $13.36bn; exports hit 7-month low

Exports in October hit lowest level since March 2014. It fell to USD 26.09 billion from USD 28.90 billion last month.

India’s trade deficit in October declined to USD 13.36 billion from USD 14.25 billion in the previous month. On an annual basis, trade deficit has surged 26.1 percent to USD 13.36 billion.

Imports fell to USD 39.45 billion from USD 43.15 billion in September, but on a year-on-year basis, it has increased 3.16 percent. Oil and gold are the key contributors to India’s import bill. Oil imports fell to USD 12.36 billion as against USD 14.50 billion, on a month-on-month basis. Non-oil imports stood at USD 27.08 billion as against USD 28.65 billion, m-o-m. However, gold imports surged to USD 4.18 billion from USD 3.75 billion in the previous month. On a year-on-year basis, gold imports jumped to USD 4.17 billion from USD 1.09 billion. This spike in could be because of the festivals like Diwali and Dhanteras, which are considered as most auspicious occasions in India to buy the yellow metal.

Silver imports also rose to USD 686 million from USD 477.61 million in September.

Meanwhile, exports in October hit lowest level since March 2014. It fell to USD 26.09 billion from USD 28.90 billion last month. On a year-on-year basis, the fall has been to the tune of 5.04 percent.

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