New Delhi, Dec 1 (Inditop.com) India’s trade deficit for the period April-October dropped to $57.31 billion owing to a 15 percent fall in imports and a lower decline in exports.
The country’s merchandise exports fell for the 13th straight month in October to $13.19 billion from $14.13 billion in the corresponding month last fiscal — a drop of 6.6 percent — while its imports decreased to $21.9 billion compared to over $25 billion last fiscal, as per data available with the commerce ministry.
Oil imports during October were valued at $6.6 billion, 9.3 percent lower than what was bought in the corresponding month last year. For April-October, oil imports fell 39.3 percent to $ 42.8 billion.
Non-oil imports during the month under review were $15.3 billion, 17.2 percent lower than the like month last fiscal. During the first seven months of the current fiscal, these were at $105.5 billion, 24.8 percent lower.
According to the data, exports of man-made yarn and fabric were up 1.2 percent, while that of tobacco were up 20.5 percent and fruits and vegetables up 5.7 percent.
Exports of products like plastic, pharmaceuticals, marine products, spices, iron ore, cashew and petroleum products also showed a turnaround.
However, that of handicrafts, basic chemicals, leather goods, gems and jewellery and engineering goods fell, though the rate of decline was slower.
Exports of jute products, carpets, coal and others including processed minerals continued to be hit.
Software exports have not shown any decline during April-October.
