Trade deficit jumps to US$ 17.13 billion in October 2018
India's merchandise exports jumped 17.9% to US$ 26.98 billion in October 2018 over a year ago. Meanwhile, merchandise imports moved up 17.6% to US$ 44.11 billion. The trade deficit increased 17.2% to US$ 17.13 billion in October 2018 from US$ 14.02 billion in October 2017.Oil imports galloped 52.6% to US$ 14.21 billion, while the non-oil imports also moved up 6.1% to US$ 29.90 billion in October 2018 over October 2017. The share of oil imports in total imports was 32.2% in October 2018, compared with 25.0% in October 2017. The price of India's basket of crude oil galloped 42.9% to US$ 80.08 per barrel in October 2018 over October 2017.
Among the non-oil imports, the major contributors to the overall rise in imports were electronic goods imports rising 31.9% to US$ 5.24 billion, organic & inorganic chemicals 26.6% to US$ 2.13 billion, iron & steel 32.2% to US$ 1.48 billion, electrical & non-electrical machinery 12.5% to US$ 2.98 billion, non-ferrous metals 27.7% to US$ 1.31 billion, coal, coke & briquettes 12.4% to US$ 2.27 billion and artificial resins, plastic materials 20.1% to US$ 1.36 billion.
The imports also improved for silver by 51.8% to US$ 0.53 billion, chemical products 34.8% to US$ 0.69 billion, medicinal & pharmaceutical products 10.8% to US$ 0.53 billion, professional instrument 11.8% to US$ 0.43 billion and pearls & precious stones 2.4% to US$ 1.83 billion.
However, the imports have declined for gold by 42.9% to US$ 1.68 billion, transport equipment 22.9% to US$ 1.46 billion, fertilizers 29.6% to US$ 0.41 billion, metaliferrous ores & other minerals 16.6% to US$ 0.70 billion and vegetable oil 11.9% to US$ 0.75 billion in October 2018.
On exports front, the petroleum products recorded an increase in exports by 49.4% to US$ 4.55 billion, followed by engineering goods 8.9% to US$ 6.37 billion, organic & inorganic chemicals 34.0% to US$ 1.85 billion, electronic goods 72.3% to US$ 0.79 billion and RMG of all textiles 36.3% to US$ 1.13 billion. The exports also improved for gems & jewellery by 5.5% to US$ 3.49 billion, plastic & linoleum 31.9% to US$ 0.72 billion, drugs & pharmaceuticals 12.8% to US$ 1.51 billion, cotton yarn/fabrics/made-ups, handloom products etc 10.2% to US$ 0.91 billion and ceramic products & glassware 50.6% to US$ 0.23 billion in October 2018.
Further, the exports increased for coal & other ores, minerals including processed minerals by 27.9% to US$ 0.31 billion, man-made yarn/fabrics/made-ups etc 16.1% to US$ 0.41 billion, fruits & vegetables 31.3% to US$ 0.23 billion, leather & leather products 11.6% to US$ 0.41 billion, spices 17.4% to US$ 0.26 billion and handicrafts 9.5% to US$ 0.15 billion in October 2018.
However, the exports declined for marine products by 6.2% to US$ 0.69 billion, rice 16.0% to US$ 0.45 billion and meat, dairy & poultry products 22.4% to US$ 0.36 billion in October 2018.
Merchandise exports in rupees increased 33.3% to Rs 198635 crore, while imports moved up 33.1% to Rs 324775 crore in October 2018 over October 2017. The trade deficit jumped to Rs 126140 crore in October 2018 compared with Rs 91236 crore in October 2017.
India's merchandise exports increased 12.6% to US$ 191.01 billion, while merchandise imports moved up 17.3% to US$ 302.47 billion in April-October 2018. An increase in imports was driven by a 49.1% jump in oil imports to US$ 83.94 billion. India's merchandise trade deficit rose to US$ 111.46 billion in April-October 2018 from US$ 87.63 billion in April-October 2017.
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