India's trade deficit widens to near 3-year high in October

India’s exports fell 1.1% in October to $23.1 billion while imports expanded at the slowest pace in 10 months at 7.6% to $37.1 billion. India’s trade deficit in the month was $14 billion

Sharp fall in export of items such as readymade garments, gems and jewellery and leather products has resulted in a 1.2 per cent decline (year-on-year) in exports of goods in October to $23.09 billion.

Federation of Indian Export Organisations (FIEO), president, Ganesh Kumar Gupta said that the fall was expected as exporters particularly MSME were facing liquidity problem to pay GST for four months in a row without getting any refund.

India's trade deficit widened to its highest in almost three years in October, government data showed on Tuesday, as export growth contracted for the first time after more than a year.

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While engineering goods, one of the top exports from India, continued to increase, there was a slowdown in pace. Mr Gupta said that there is immediate need for remedial measures to prevent further decline in exports otherwise the situation may be worse for November, 2017.

Exporters had earlier warned that the double-digit growth in outbound shipment between July and September despite roll-out of GST might not present a true picture, as there were advance orders. "Implementation of the measures approved by the GST Council is not taking place, as a result challenges faced by the exporters remain the same".

The trade deficit for October 2017 was estimated at $14,018.83 million as against the deficit of $11,134.48 million during the corresponding period in 2016, the ministry said.

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Imports rose by 7.6% in October to $37.1 billion. Non-oil imports were 2.19% higher at $27.8 billion.

New Delhi- Reversing a 13-month upward trend, Indian exports in October declined year-on-year by 1.12 per cent to $23 billion due to a drop in shipments of textiles, pharmaceuticals, leather goods and gems and jewellery, according to official data released on Tuesday.

While petroleum exports in October grew by 14.74 per cent, engineering was up 11.77 per cent and chemicals exports rose 22.29 per cent. Petroleum products exports increased 14.74% to $3.18 billion.

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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. It had stood at almost $9 billion in September and $11.1 billion in the year-ago period.

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