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Exports dip 1.63% to $23.2 billion in October

Monday, 12 November 2012 - 12:29pm IST | Place: New Delhi | Agency: PTI

Slump of demand in the US and European markets hits business.

India's exports in October contracted 1.63% year-on-year, for the sixth month in a row, to $23.2 billion, mainly due to the demand slowdown in the US and European markets.

Exports on October 2011 stood at $23.6 billion.

However imports grew by 7.37% to $44.2 billion in October, leaving a trade deficit of $20.96 billion.

During the April-October period of the current fiscal, the country's shipments have shrunk by 6.18% to $166.92 billion. Imports during the period dipped by 2.66% to $277.13 billion.

"The world trade is continuously contracting. Our integration with the world trade has increased so any ripple worldwide will impact India's trade," Commerce Secretary S R Rao told reporters here while releasing trade figures on Monday.

He also said that the country's import bill has increased due to jump in the gold and petroleum imports.

During the first seven months of the financial year, the trade deficit stood at $110.2 billion.

Oil imports in October increased by 31.6% year- on-year to $14.78 billion. However, non-oil imports declined by 1.73% to $29.42 billion.

During April-October 2012, oil imports grew by 10% to $95.5 billion from $86.8 billion in the corresponding period last year.

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