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Export drops 1.12 per cent to $23 billion in October; trade deficit balloons

  •   Tue, Nov 14 2017 06:40:49 PM

New Delhi, Nov 14 (PTI): Export declined by 1.12 per cent to USD 23 billion in October, retreating from a six-month high growth in September as shipments of textiles, pharmaceuticals, leather and gems and jewellery fell, official data showed.

Imports, however, grew by 7.6 per cent to USD 37.11 billion in October from USD 34.5 billion in the year-ago month, the commerce ministry data released today showed.

Trade deficit widened to USD 14 billion during the month under review as against USD 11.13 billion in October 2016.

Gold imports dipped by 16 per cent to USD 2.94 billion last month.

Oil and non-oil imports grew by 27.89 per cent and 2.19 per cent to USD 9.28 billion and USD 27.83 billion, respectively in October.

Cumulative exports during April-October 2017-18 increased by 9.62 per cent to USD 170.28 billion, while imports grew by 22.21 per cent to USD 256.43 billion, leaving a trade deficit of USD 86.14 billion.

In October, petroleum, engineering and chemicals exports grew by 14.74 per cent, 11.77 per cent and 22.29 per cent, respectively.

India's export had soared by 25.67 per cent to USD 28.61 billion in September, logging its highest growth in last six months on the back of expansion in shipments of chemicals, petroleum and engineering products.
  

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Comment on this article

  • Vincent Rodrigues, Bengaluru/Katapadi

    Wed, Nov 15 2017

    India is not doing so well as projected and also effected with negative growth in certain sensitive sectors

    DisAgree Agree [3] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Nov 15 2017

    Modi has to Go ...

    DisAgree Agree [3] Reply Report Abuse

  • Mangalurian, Mangaluru

    Wed, Nov 15 2017

    2015 Import/Export statistics for India and China in US$ Billion:

    China:
    Exports 2,282
    Imports 1,681

    India:
    Exports 264
    Imports 390

    And then the smart Indian leaders (assisted by Bihar topper and Kerala tigg-ree holder babus) decided that we will do better through DeMo! When that did not work, why not 28% GST!

    And now the Export numbers are dropping! Millions have been sacked from jobs.

    "But don't worry" say our Yale-visited smart leaders, "We will replace the shortfalls by doing the I.T raids on non-BJP politicians".

    DisAgree Agree [4] Reply Report Abuse

  • Jossey Saldanha, Mangalore

    Wed, Nov 15 2017

    Wrong Policies 😁😁😁

    DisAgree [1] Agree [5] Reply Report Abuse

  • prem, moodbidri

    Wed, Nov 15 2017

    Old news... Ravishankar Prasad told last week itself, leather business declined drastically after demonetization !

    DisAgree [1] Agree [2] Reply Report Abuse

  • N.M, Mangalore

    Tue, Nov 14 2017

    This is bound to happen when we have semi-literate shakha educated dim wits running the country. Our economy is in shambles, youth are struggling to find jobs, farmers are committing suicide, working class are struggling to pay bills, children are dying in hospitals. But, Feku and his incompetent men are busy with cow and cow dung.

    DisAgree Agree [3] Reply Report Abuse

  • SMR, Karkala

    Tue, Nov 14 2017

    The other side of the reality of financial sector of the nation as of September, the halfway mark for the fiscal year, the budget deficit had reached Rs 4.99 trillion or more than 91% of its full-year target.
    India’s federal budget is under pressure this year following an unexpected slump in economic growth, which slipped to its lowest level in three years in the three months ending June, the first quarter of the 2017-18 fiscal year.
    A member of the PM economic advisory council, told Reuters in an interview in October that the government wanted to stick with a budget deficit target of 3.2%.
    The demand has been made following a finance ministry assessment on October 25 of the financial health of 14 state companies, including top miner NMDC Ltd and trading firm MMTC Ltd, according to a government document reviewed by Reuters.
    The ministry asked 12 of the companies to payout between 30% and as much as 100% of their 2016-17 or 2017-18 net profit in dividends, share buybacks or bonus shares. The other two companies were exempted.
    In other hand the UPA negotiated price for Rafale jet would have been higher because it included Transfer of Technology (ToT) to an Indian company. Now just think for yourself. A 126 fighter jet deal was stuck on the negotiation table for more than three years because France was not willing to do the ToT to HAL and the quoted price was Rs 90,000 crore. The final outcome is India will be paying Rs 60,000 crore for 36 fighter jets without ToT. This is simple mathematics. As per the deal done by Modi government, 126 Rafale would have cost Rs 210,000 crore!! Don’ get confused. What you read is correct. That means, in earlier deal for 126 fighters when India was paying approximately Rs 714.14 crore per Rafale, in the currently concluded deal, India is paying Rs 952.52 crore higher. In other words, the current price per unit is Rs 1666.66 crore.
    India jumps into top 100 in World Bank’s ease of doing business rankings and export falls?
    Jai Hind

    DisAgree Agree [1] Reply Report Abuse

  • Jenifer, Mangalore

    Tue, Nov 14 2017

    Export dropped ?? So what ! Import has gone up. Bhakhts, time to celebrate.

    How will the government pay up ? With demonetized money that is collected. Ha Ha Ha...

    DisAgree [4] Agree [35] Reply Report Abuse

  • Swamy, Mangalore

    Tue, Nov 14 2017

    As Yogi said because there is no Hindutva of BJP we have a trade deficit and the economy is going down the drain. So, we have to work hard for Hindutva which is complimentary to development of BJP. May be Yogi is seeing both Hindutva and BJPare going down and no scope for revival whatsoever.

    DisAgree [2] Agree [31] Reply Report Abuse

  • Flavian dsouza, chik/bengaluru

    Tue, Nov 14 2017

    Jaitleys in expetience showing up every where ..and to add some flwaed policies o gst , demo,

    DisAgree [2] Agree [27] Reply Report Abuse


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