India’s export of goods increased 9.59 per cent to $ 23.51 billion (year-on-year) — the second consecutive month of growth and the third monthly increase this fiscal — raising optimism among exporters of a turnaround.
Imports during the month rose 8.11 per cent, mainly due to a doubling of gold imports, to $33.67 billion, increasing trade deficit to $10.16 billion from $9.69 billion in the same month last year.
Goods exports declined for the second consecutive year in 2015-16 dipping 15.85 per cent to $ 261.13 billion.
The increase in exports in October was spread across 17 sectors, out of 30 major product groups. These include carpets, marine products, gems & jewellery, coffee, engineering goods, tobacco, meat, dairy & poultry products, RMG of all textiles and ceramic products & glassware.
Imports of gold increased 108.43 per cent in October 2016 to $3.49 billion but silver import declined 48.81 per cent to $0.18 billion. Other imports which increased include chemicals, pearls, precious & semi-precious stones, petroleum, fertilisers, transport equipment and machinery.
Total exports for the period April-October remained in the negative zone posting a 0.17 per cent fall to $154.91 billion. Imports during the period April-October at $208.08 billion fell 10.85 per cent.
Trade deficit in the April-October period at $53.16 billion was lower than $78.23 billion in the same period last year.
Meanwhile India's services exports rose by 3.4 per cent to $13.77 billion in September 2016, the data released by RBI showed. India Inc had exported services worth $13.32 billion during September 2015. The exports in September were also a tad higher than $13.38 billion in previous month of August. Services imports too increased to $8.30 billion during the month under review from $7.46 billion a year ago.
The data is based on RBI's compilation on International Trade in Services.
On cumulative basis, total services exports were $79.62 billion during April-September this fiscal.
Original Source: dailyshippingtimes.com
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