Indian exports rose by 9.59% over strong show by engineering, petroleum, gems and jewellery sector.
A strong show by engineering, petroleum and gems and jewellery sectors pushed up exports for the second month in October by 9.59 %, although the trade deficit too shot up to 10-month high of $ 10.16 billion (around Rs 68,842 crore) on account of surge in gold imports.
Exports of engineering products rose by 13.86 %, gems and jewellery by 21.84 %, petroleum by 7.24 % and chemicals by 6.65 % during the month compared to the same month last year, the official data released on Tuesday showed. Exporters body Federation of Indian Export Organizations (FIEO) said this is a very encouraging sign as most of the global economies are still reeling under pressure to perform and global demand still does not seems to pick up.
"If this kind of positive growth continues in the coming months, we are definitely on course to achieve $ 280 billion or even more in exports during this fiscal," it said. Imports too increased by 8.11 % to $ 33.67 billion (around Rs 2.28 lakh crore). It entered positive zone after nearly two-years. It grew by 26.79 % in November 2014. Jump in gold imports by 108.43 % to $ 3.5 billion (around Rs 2,371 crore) in October, pushed the trade deficit to a 10-month high of $ 10.16 billion (around Rs 6,884 crore) as against $ 9.69 billion (around Rs 6,566 crore) in the same month last year.
It was in December 2015 when trade deficit saw a high of $ 11.66 billion (around Rs 7,901 crore). During the April-October period of current fiscal, exports dipped by 0.17 % to $ 154.91 billion (around Rs 10.4 lakh crore). Imports too contracted by 10.85 % to $ 208 billion (around Rs 14 lakh crore), leaving a trade deficit of $ 53.16 billion (around Rs 3.6 lakh crore). Oil imports in October grew by 3.98 % to $ 7.14 billion (around Rs 48,402 crore). Non-oil imports rose by 9.28 % to $ 26.53 billion (around Rs 1.79 lakh crore). From December 2014 exports had fallen for 18 straight months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July and August.
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