Indias exports rise in October at 9.59% Back to News & Events List


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


Recent News


19

05/2017
A quick guide to India GST rates in 2017

The Goods and Services Tax (GST) has been one of the key things that has caught the attention of the market given its implications on earnings of companies. The government has ...

18

05/2017
Exports rising despite global headwinds: Nirmala Sitharaman

India's exports have been increasing despite global headwinds and efforts are being made to neutralise any impact on them due to implementation of GST, Commerce and Industr...

17

05/2017
Exports rise 20% in April, but trade deficit zooms

India’s exports in April grew by 19.77 per cent year-on-year in dollar terms, while imports grew by 49.07 per cent (in dollar terms) as compared to imports in April 2016....

16

05/2017
Agriculture experts call on farmers to focus on self marketing

Agri experts today called on farmers to market their own produce and self production of seeds to cut down on the cost of agricultural production.    Punjab being ...