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New Delhi, Nov 17: India’s trade deficit in October increased by 26.06 percent at $13.35 billion, from $10.59 billion in the corresponding month of last year, government data showed Monday. However, on a month-on-month basis the deficit declined by 6.31 at $13.35 billion, from $14.25 billion in September 2014. Also Read - RBI Governor Shaktikanta Das Tests Positive For Coronavirus
“The trade deficit for April-October 2014-15. was estimated at US $83.756 billion, which was lower than the deficit of $87.319 billion during April-October 2013-14,” the commerce and industry ministry was quoted in a statement. According to data released by the Reserve Bank of India (RBI), exports during the month under review was lower by 5.04 percent at $26.09 billion than the level of $27.48 billion during October 2013. Also Read - India at Doorstep of Economic Revival, Says RBI Governor
For the period of April-October 2014-15, exports grew by 4.72 percent at $189.79 billion from $181.23 billion. Imports at $39.45 billion grew by 3.62 percent in the month under review, from $38.07 billion imported in the corresponding month of last year. The cumulative value of imports for the period April-October rose by 1.86 percent at $273.55 billion from $268.55 billion in the corresponding period of last fiscal.
Oil imports during October 2014 were valued at $12.36 billion, which was 19.2 percent lower than oil imports in the corresponding period last year at $15.29 billion. This was primarily a result of softening of international crude prices that were ranging between $80-$90 a barrel mark since August and the rupee appreciation against the US Dollar.
Oil imports during April-October 2014-15 were down 0.5 percent at $94.84 billion lower than $95.30 billion in the corresponding period last year. The non-oil imports during the month under review were higher by 18.9 percent at $27.08 billion from $22.78 billion in October 2013.
Non-oil imports during April-October 2014-15 were up 3.2 percent at $178.70 billion from $173.24 billion in the corresponding period last year.