India's exports rise sharply in October, gold imports spurt; trade deficit widens
India had reasons to cheer both on the inflation and external trade fronts. Data for October released by the government on Tuesday showed that retail inflation dropped to a 14-month low of 4.20 percent, while exports rose 9.5 percent despite a sluggish global economy. Gold imports increased 108.3 percent to $3.50 billion from $1.68 billion in October 2015 and trade deficit to $10.1 billion.
Exports stood at $23.5 billion in October when compared to $21.4 billion in October 2015, aided by an increase in two key categories — gems and jewellery and engineering goods.
Gems and jewellery exports rose 21.8 percent to $4.38 billion from $3.59 billion in October 2015, while engineering goods saw 13.8 percent jump to $5.26 billion in comparison to $4.6 billion in the corresponding period last year. The trend was fairly consistent, with 18 of the 30 categories recording growth on a year-on-year (YoY) basis. Export of petroleum products grew 7.2 percent to $2.7 billion. Full Story