Exports dip 12.1% in October

India’s exports in October, 2008 registered a dip of 12.1 per cent and stood at $12.82 billion, as against $14.58 billion in the same month last year, when overseas sales of Indian goods had risen by nearly 50 per cent.

In rupee terms, India’s export registered a growth of 8.2 per cent and stood at Rs 62,387 crore, as against Rs 57,641 crore in the same month last year.

Exports during April to October period stood at $107.8 billion as against $87.14 billion in the same period last year, registering an increase of 23.7 per cent.

Imports during the month under consideration increased 10.6 per cent and stood at $23.36 billion, as compared to $21.12 billion in the corresponding month of 2007.

The dip in exports and a lower growth rate in imports compared to previous months can be attributed to the ongoing global financial crisis, which in turn has lead to a waning demand in key overseas markets like the United States and Europe.

With imports outpacing exports, the trade deficit grew by 61.25 per cent to $10.53 billion, compared to $6.53 billion in the month.

Data released by commerce ministry has showed that oil imports in October grew by 22 per cent and stood at about $8 billion, as compared to $6.52 billion in the corresponding month last year.

Non oil imports expanded 5.5 per cent and stood at $15.4 billion, as against $14.6 billion in same month last year.