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India’s exports grow at nearly 18 percent, but trade deficit too widens

Source: Xinhua| 2018-11-17 18:48:56|Editor: xuxin

NEW DELHI, Nov. 17 (Xinhua) — India’s overall exports, including both merchandise and services, are estimated to be 308.32 billion U.S. dollars from April to October, thereby exhibiting a growth of 17.17 percent over the same period last year, said the official data released by the Commerce Ministry.

And, the overall imports during the seven months (April-October) are estimated to be 374.88 billion U.S. dollars, showing a growth of 18.88 percent over the same period last year, added the official data.

Total exports during October alone were 26.98 billion U.S. dollars, as compared to 22.89 billion U.S. dollars in the same month last year, thereby registering a positive growth of 17.86 percent.

Total oil imports in October stood at 14.21 billion U.S. dollars which was 52.64 percent higher, compared to 9.31 billion U.S. dollars in the same month last year.

Oil imports during April-October were 83.94 billion U.S. dollars, which was 50.48 percent higher compared to 55.78 billion U.S. dollars over the same period last year.

High growth was witnessed in plastic & linoleum, petroleum, organic & inorganic chemicals, drugs & pharmaceuticals, engineering and electronic goods and various labour-intensive sectors including gems & jewellery, leather & leather products, ceramic products & glassware, commodities and in some agri-products.

Reacting to the positive growth in exports during the month October, president of Federation of Indian Export Organisations Ganesh Kumar Gupta said it re-affirmed India’s assessment of reaching the new milestone of 350 billion U.S. dollars in the current fiscal, the highest ever exports figures during recent years braving all the odds.

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