India s Exports jumped by 13.47 in October Trade deficit at USD 10.55

India's exports continue on the growth track for the fourth straight month as its overall exports jumped by 13.47% in October compared to same month last year to USD 27.27 billion due increased demand from USA and European Union. At the same time, overall imports dropped by 14.5% to USD 37.82 billion in the same month due to steep fall in Gold imports. Trade deficit stood at USD 10.55 billion in October compared to USD 20.21 billion trade deficit posted same month last year.

Gold and silver imports fell by 79.9% during the month to USD 1.37 billion compared to USD 6.85 billion in October 2012 mostly due to an increase in import duties and other restrictions put in place by the Government in order to curb current account deficit and trade deficit.  This is a good news for Government which has been struggling to reduce current account deficit.

Exports during April-October period registered a growth of 6.32% to USD 179.37 billion while Imports dropped by 3.8% to USD 270 billion during the same period compared to last year. Trade deficit in April-October 2013 stood at USD 90.68 billion which was much lower than USD 112 billion posted in the same period of 2012.