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
State-owned Kandla Port Trust has received environment clearance for setting up a Rs 1,176-crore smart industrial port city in KutchBSE 4.96 %, Gujarat, a senior official said....
The reforms undertaken by Prime Minister Narendra Modi have been significant and the results would be reflected in the mid and long-term growth figures, the World Bank chief sa...
To ensure seamless trade of Bhutan with India and other third parties, India is further widening its door for Bhutan. Development and upgradation of n...
The government is focussing on creating mini food processing units across the country to encourage farmers to produce high-quality farm output, Food Processing Industries Mini...