New Delhi: India’s October exports rose an annual 10.8% to $19.9 billion, while imports for the month rose 21.7% to $39.5 billion, the government said in a statement on Thursday.
India’s trade deficit in October was at $19.6 billion. Oil imports for the month grew 21% to $10.1 billion, the statement released by the trade ministry said.
Exports between April and October were at $179.8 billion.
Indian exporters enjoyed record growth in the last fiscal year and notched high double-digit growth in the early months of the current fiscal year starting April 2011, buoyed by demand for the country’s cars, petroleum products and precious stones.
But financial turbulence in the United States and Europe, India’s top export destinations, have weakened export growth recently, trade ministry officials had said.
With import growth far outpacing exports, India’s trade deficit has bulged and could breach $150 billion for the fiscal year, trade secretary Rahul Khullar had said.