October trade deficit rises to three-year high of $14.02 bn

Merchandise exports for October fell 1.12 per cent from a year ago to $23 billion

Export declined by 1.12 per cent to $23 billion in October, retreating from a six-month high growth in September as shipments of textiles, pharmaceuticals, leather and gems and jewellery fell, official data showed.

Imports, however, grew by 7.6 per cent to $37.11 billion in October from $34.5 billion in the year-ago month, the commerce ministry data released today showed.

Trade deficit widened to $14.02 billion during the month under review as against $11.13 billion in October 2016.

Gold imports dipped by 16 per cent to $2.94 billion last month.

Oil and non-oil imports grew by 27.89 per cent and 2.19 per cent to $9.28 billion and $27.83 billion, respectively in October.

Cumulative exports during April-October 2017-18 increased by 9.62 per cent to $170.28 billion, while imports grew by 22.21 per cent to $256.43 billion, leaving a trade deficit of $86.14 billion.

In October, petroleum, engineering and chemicals exports grew by 14.74 per cent, 11.77 per cent and 22.29 per cent, respectively.

India's export had soared by 25.67 per cent to $28.61 billion in September, logging its highest growth in last six months on the back of expansion in shipments of chemicals, petroleum and engineering products.