Exports dip 5.04% in October, trade deficit up

India's exports contracted by 5.04% to US $26 billion in October while imports grew by 3.62%, pushing up the trade deficit as gold imports shot up during the month. Imports during the month were US $ 9.45 billion, as against US $38.07 billion in October 2013.

Gold imports last month jumped to US $4.17 billion from US $ 1.09 billion a year ago. The 280.39% growth in gold imports has pushed the trade deficit to US $ 13.35 billion in October, from US $ 10.59 billion in the corresponding period last year. During April-October period of the current fiscal, the country's exports are up 4.72% to US $189.79 billion, while imports are up 1.86% to US $273.55 billion. Trade deficit during the seven month period of 2014-15 stands at US $83.75 billion as against US $87.31 billion in the same period last fiscal.