Exports, imports touch new highs

Exports, imports touch new highs

NEW DELHI: India’s exports and imports set new records in Oct, with the value of goods shipped out of the country jumping 45.2% to $49.5 billion, driven by a surge in oil and electronics exports. With imports rising 16.6% to $89.4 billion, the trade deficit widened to a 12-month high of $40 billion.“I told you, the Oct export numbers will surprise you! And our ‘outlook’ looks strong!” commerce & industry minister Piyush Goyal said after the data was released.Official data showed that petroleum product exports soared 140% to $8.9 billion during Oct, while non-oil imports rose 33.5% to $40.6 billion. Electronics clocked a 63% increase to $6.6 billion, and gems and jewellery were up 40% to $3.2 billion. Engineering goods went up 36% to $12.7 billion.“The increase in oil exports is partly due to a price effect and demand for refined products has also seen good growth. We are seeing growth across baskets… If we are able to carry on the trajectory, we can move towards the landmark of $1 trillion (goods and services exports) this year,” commerce secretary Rajesh Agrawal said.During the first half, goods and services exports were estimated at $479 billion, with Agrawal saying that there is usually an acceleration during the second half. On the import front, crude prices resulted in the value of goods entering India jumping 54% to $22.8 billion, while electronics saw an increase of 50% to $14.2 billion in Oct.