India’s exports contracted by 5.04 per cent to USD 26 billion in October while imports grew by 3.62 per cent, pushing up the trade deficit as gold imports shot up during the month.
Imports during the month were USD 39.45 billion, as against USD 38.07 billion in October 2013.
Gold imports last month jumped to USD 4.17 billion from USD 1.09 billion a year ago. The 280.39 per cent growth in gold imports has pushed the trade deficit to USD 13.35 billion in October, from USD 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 per cent to USD 189.79 billion, while imports are up 1.86 per cent to USD 273.55 billion.
Trade deficit during the seven month period of 2014-15 stands at USD 83.75 billion as against USD 87.31 billion in the same period last fiscal.