India's exports decline by 1.12% to $ 23.098 billion in October 2017

Reversing a 13-month uptrend, India's merchandise exports declined by 1.12 percent to $ 23.098 billion in October 2017 from $ 23.360 billion during the same month of the previous year, an official statement said here today, an official statement said here today.
In rupee terms, exports declined by 3.59% to Rs. 150325.95 crore in October 2017 as compared to Rs. 155926.73 crore during October 2016, it said.
The statement said that, during April-October 2017-18, the cumulative value of exports was $ 170.286 billion (Rs. 1097858.68 crore) as against $ 155.344 billion (Rs. 1039297.59 crore) in the corresponding period of the previous year, registering a positive growth of 9.62% in dollar terms and 5.63% in rupee terms.
According to it, the major commodity groups of exports which showed growth in October this year over the corresponding month of last year were Engineering Goods (11.77%), Petroleum Products (14.74%), Organic & Inorganic Chemicals (22.29%), Cotton Yarn/Fabs./made-ups, Handloom Products etc. (4.83%),Marine Products (8.52%) and Plastic & Linoleum (24.46%).
Non-petroleum and non-gems & jewellery exports in October 2017 were valued at $ 16.604 billion as against $ 16.202 billion in October 2016, an increase of 2.48%. Non-petroleum and non-gems and jewellery exports during April -October 2017-18 were valued at $ 124.281 bllion as compared to $ 111.556 billion for the corresponding period in 2016-17, an increase of 11.41%.
Imports during October 2017 were valued at $ 37.117 billion (Rs. 241562.31 crore) which was 7.60% higher in dollar terms and 4.91%  higher in rupee terms over the level of imports valued at $ 34.495 billion (Rs. 230246.81 crore) in October 2016. 
The cumulative value of imports for the period April-October 2017-18 was $ 256.434 billion (Rs. 1653435.01 crore) as against $ 209.835 billion (Rs. 1403911.51 crore) registering a growth of 22.21% in dollar terms and 17.77% in rupee terms over the same period last year.
Major commodity groups of import which showed high growth in October 2017 over the corresponding month of last year were Petroleum, Crude & products (27.89%), Electronic goods (7.04%), Machinery, electrical & non-electrical (17.43%), Coal, Coke & Briquettes, etc. (66.28%) and Organic & Inorganic Chemicals (30.49%).
Oil imports during October 2017 were valued at $ 9.287 billion which was 27.89% higher than oil imports valued at $ 7.261 billion in October 2016. Oil imports during April-October, 2017-18 were valued at $ 56.252 billion which was 20.23% higher than the oil imports of $ 46.788 billion in the corresponding period last year.
The statement mentioned that global Brent prices ($/bbl) have increased by 15.87% in October 2017 vis-à-vis October 2016 as per World Bank commodity price data.
Non-oil imports during October, 2017 were estimated at $ 27.830 billion, which was 2.19% higher than non-oil imports of $ 27.235 billion in October 2016. Non-oil imports during April-October 2017-18 were valued at $ 200.182 billion which was 22.78% higher than the level of such imports valued at $ 163.046 billion in April-October 2016-17.
As regards services, exports during September 2017, the latest month for which RBI data is available, were valued at $ 13.732 billion (Rs. 88490.24 crore), registering a growth of 0.23% in dollar terms as compared to 3.97% during August 2017.
Imports of services during September 2017 were valued at $ 8.450 billion (Rs. 54452.56 crore), registering a negative growth of 2.40% in dollar terms as compared to positive growth of 18.05% during August 2017.
As far as merchandise is concerned, the trade deficit for October 2017 was estimated at $ 14.019 billion as against the deficit of $ 11.134 billion during October 2016.
As regards services, the trade balance for September 2017 was estimated at $ 5.282 billion.
Taking merchandise and services together, the overall trade deficit for April-October 2017-18 is estimated at $ 52.550 billion as compared to $ 22.132 billion during April-October 2016-17, the statement added.


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