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India's exports drop by 1.63 percent in October

Posted on Nov 12, 02:33PM | IANS

India's exports dropped by 1.63 percent to USD 23.24 billion in October, registering a decline for the seventh time in the past eight months due to weak demands in the US and European markets, government data showed Monday.

Exports had slumped by 10.78 percent to USD 23.69 billion in September.

The cumulative value of exports for April-October 2012-13 period stood at USD 166.92 billion, down 6.18 percent from USD 177.91 billion registered during the corresponding period of last year.

Imports jumped by 7.37 percent to USD 44.21 billion in October, leaving the monthly trade deficit of USD 20.97 billion, according to data released by the ministry of commerce and industry.

The total value of imports during the April-October period of the current financial year was USD 277.13 billion, 2.66 percent lower than USD 284.72 billion registered during the corresponding period of the previous year.

Trade deficit has widened as the decline in exports was sharper than the decline in imports.

Cumulative trade deficit for the first seven months of the current financial year widened to USD 110.21 billion, as compared to USD 106.80 billion registered during April-October period of last year.