In October 2017, the commerce ministry released data that shows 1.12% fall in overall exports and by $14 billion, the trade deficit has widened.
The industries like pharmaceuticals, leather, textiles, gems, and jewellery have been seen a fall in export and in the month of October, the overall export reached to $23 billion.
The trade deficit is the distinction between the export and import and has increased by $14 billion dollars in the analyzed month as against $11.13 billion dollars in Oct 2016. In October 2017, the demand for gold dropped by 16% which is of value $2.94 billion. The increase in imports has been seen by these data. In the month under review, the non-oil imports increased by 2.19% and reached a figure of $27.83 billion while the oil imports increased by 27.89% and reached $9.28 billion.
During April-October 2017, the exports when seen cumulatively show an increase of 9.62% reaching to $170.28 billion. During the first six months of the fiscal, in case of imports, the cumulative figure was increased by 22.21% reaching to $256.43 billion making the trade deficit $86.14 billion.
Respectively, 14.74%, 11.77%, and 22.29% hike has been seen in the exports of petroleum, engineering and chemicals. In the month of September, the exports of India saw a rise of 25.67% and reached a figure of $28.61 billion which was the biggest development seen in the last six months which was mainly due to a development of the deliveries of chemicals, petroleum and engineering products.