 "Shipping sails on, despite storm")
Exports continued to grow for the second month in a row, expanding by 9.6% to $23.51 billion in October on healthy growth in shipments of jewellery and engineering products.
Exports of engineering products rose by 13.86%, gems and jewellery by 21.84%, petroleum by 7.24% and chemicals by 6.65% during the month compared to the same month last year, the official data released today showed.
Imports too increased by 8.11% to $33.67 billion, leaving a trade deficit of $10.16 billion in the month under review.
In September, exports grew by 4.62% to $22.9 billion on the back of expansion in shipments of engineering products and gems and jewellery, arresting the two-month fall.
During April-October period of the current fiscal, exports dipped by 0.17% to $154.91 billion. Imports too contracted by 10.85% to USD 208 billion, leaving a trade deficit of $53.16 billion.
Oil imports in October grew by 3.98% to $7.14 billion. Non-oil imports rose by 9.28% to $26.53 billion.
Since December 2014, exports fell for the straight 18 months till May 2016 due to weak global demand and slide in oil prices. Shipments witnessed growth only in June this year thereafter again entered into negative zone in July and August.
