Exports Up 13.47% In October

India's exports rose by 13.47 per cent to $27.27 billion (Rs 1.727 trillion) in October while imports dipped by 14.5 per cent, helping narrow the trade deficit. Imports stood at $37.8 billion (Rs 2.394 trillion), leaving a trade deficit of $10.56 billion (Rs 6,687 crore) as against $20.2 billion (Rs 1.279 trillion) in October 2012, official data showed. However, the trade gap was much higher compared to the two-and-a-half-year low the previous month, as overseas purchases of gold picked up ahead of the festival season.

"This is a consistent growth in exports...The US is doing extremely well and Europe is also doing well," Commerce Secretary S R Rao told reporters in New Delhi.

Gold and silver imports in October dipped to $1.3 billion (Rs 8,232 crore) from $6.8 billion (Rs 43,060 crore) in the same period last year.

The deficit for the month stood at $10.56 billion, compared with $6.7 billion (Rs 42,450 crore) in September, the trade ministry said.

Merchandise exports rose 13.47 per cent year-on-year in October to $27.27 billion (Rs 1.728 trilion). Imports fell 14.5 per cent year-on-year to $37.83 billion (Rs 1.919 trillion).

In April-October, exports grew by 6.32 per cent to $179.38 billion (Rs 11.379 trillion), while imports during the period contracted by 3.8 per cent to $270.06 billion (Rs 17.11 trillion).

Rao expressed confidence that the country would achieve the $325 billion (Rs 20.59 trillion) target for the current fiscal.

(Agencies)