India's export drops; trade deficit widened to $14 billion in October

Container boxes are seen at a port

The trade deficit has widened by more $31 billion in the first seven months of the current financial year to $86.15 billion, which could put pressure on the current account deficit of Asia's third largest economy.

India's trade deficit widened to its highest in almost three years in October, government data showed on Tuesday, as export growth contracted for the first time after more than a year.

Merchandise exports for October fell 1.12% from a year ago to $ 23.1 billion.

However for the April-October 2017-18 period exports have exhibited a growth of 9.62 per cent in dollar terms.

Cumulative value of exports for the period April-October 2017-18 stood at $170.29 billion (Rs1,097,858.68 crore) against $155,34 billion (Rs1,039,297.59 crore), showing a growth of 9.62 per cent in dollar terms and a 5.63 per cent growth in rupee terms over the same period previous year.

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Pakistan's trade deficit increased to a whopping $12.1 billion during the first four months of the current fiscal year, Pakistan Bureau of Statistics (PBS) said on Monday.

As a result, non-oil/non-gold imports rose only 4.9 per cent, sharply lower than the 19.8 per cent in September and 20 per cent in August, indicating industrial production would suffer again in October.

Cumulative value of imports for the period April-October 2017-18 stood at $256.43 billion (Rs1,653,435.01 crore) against $209.83 billion (Rs1,403,911.51 crore), showing a growth of 22.21 per cent in dollar terms and 17.77 per cent growth in rupee terms over the same period a year ago. The fall in total exports by 1.1% year-on-year to $23.10 billion and rise in total imports by 7.6% at $37.12 billion widened the trade deficit even further to $14.02 billion up from $8.98 billion in September and $11.13 billion last year. Trade deficit increased to $3.04 billion in October 2017, higher by 35.88 percent over $2.2 billion for the same a year before.

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

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