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

08/2017
Target to raise tea exports by 22% in 3 yrs might be difficult: Here's why

While the official target is to raise tea exports by 22 per cent in the next three years, to 270 million kg (mkg), producers and exporters face two major challenges.  ...

17

08/2017
Common use items exempt from e-way bill under GST

LPG, kerosene, jewellery and currency are among the common use items that have been exempted from the requirement of obtaining electronic permits for transportation under the G...

16

08/2017
No plans for duty-free sugar imports: Paswan

The country has sufficient stock of sugar available and there are no plans to allow further imports of the sweetener at zero duty, Food Minister Ram Vilas Paswan said today. ...

14

08/2017
Green shoots becoming visible in merchandise trade: Mid year Economic Survey

The first mid-year Economic Survey brought cheer for the export sector as it said that green shoots have started to appear in the trade horizon with world trade growth projecte...