Exports jump 43% in Oct, imports soar 62%

India's exports rose by 43 per cent to $35.65 billion in October while trade deficit widened to $19.73 billion during the month, according to the official data released on Monday.

Imports soared by 62.51 per cent to $55.37 billion, widening the trade deficit.

Export sectors which recorded positive growth during October include petroleum, coffee, engineering goods, cotton yarn/fabs./made-ups, gems and jewellery, chemicals plastic and linoleum and marine products, the data showed.

Cumulatively, exports during April-October 2021 stood at $233.54 billion, which is an increase of 55.13 per cent compared to the same period last year.

During the same period, imports rose by 78.16 per cent to $331.39 billion, leaving a trade deficit of $97.85 billion.

Oil imports in October jumped to $14.43 billion as against $6 billion in the same month last year.

The imports expanded to $87.42 billion during April-October 2021.

Gold imports doubled to $5.1 billion during the month under review from $2.5 billion.

Outward shipments of engineering goods, which accounted for 28.19 per cent of total exports in October, increased by about 51 per cent year-on-year to $9.4 billion.

Exports of petroleum products too touched $5.33 billion.

Gems and jewellery exports rose by 44.24 per cent to $4.22 billion.

Commenting on the data, Federation of Indian Export Organisations (FIEO) said that the export figures signifies the importance of opening up and further recovery of economies across the globe coupled with buoyant order booking position across sectors.

"The need of the hour is to announce extension of the interest equalisation scheme, augmenting the flow of empty containers and establishing a regulatory authority to seek justification of freight hike and imposition of various charges by the shipping lines need urgent intervention of the government," it said in a statement.

In September, the trade deficit hit a record high of $22.59 billion as imports of crude oil and gold spiked.