New Delhi: India's exports in October contracted 1.63 percent year-on-year, for the sixth month in a row, to USD 23.2 billion, mainly due to the demand slowdown in the US and European markets. (Agencies)
Exports on October 2011 stood at USD 23.6 billion. However imports grew by 7.37 percent to USD 44.2 billion in October, leaving a trade deficit of USD 20.96 billion.
During the April-October period of the current fiscal, the country's shipments have shrunk by 6.18 per cent to USD 166.92 billion. Imports during the period dipped by 2.66 percent to USD 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 USD 110.2 billion.
Oil imports in October increased by 31.6 percent year- on-year to USD 14.78 billion. However, non-oil imports declined by 1.73 percent to USD 29.42 billion. During April-October 2012, oil imports grew by 10 percent to USD 95.5 billion from USD 86.8 billion in the corresponding period last year.
However, non-oil imports during the period dipped by 8.22 percent year-on-year to USD 181.56 billion.
New Delhi: India's exports in October contracted 1.63 percent year-on-year, for the sixth month in a row, to USD 23.2 billion, mainly due to the demand slowdown in the US and European markets.