India's exports drop by 1.63 percent in October

[1]

India's exports dropped by 1.63 per cent to $23.24 billion in October, registering a decline for the seventh time in the past eight months due to weak demands in the US and European markets, government data showed on Monday.

Exports had slumped by 10.78 per cent to $23.69 billion in September.

The cumulative value of exports for April-October 2012-13 period stood at $166.92 billion, down 6.18 percent from $177.91 billion registered during the corresponding period of last year.

Imports jumped by 7.37 percent to $44.21 billion in October, leaving the monthly trade deficit of $20.97 billion, according to data released by the ministry of commerce and industry.

The total value of imports during the April-October period of the current financial year was $277.13 billion, 2.66 percent lower than $284.72 billion registered during the corresponding period of the previous year.

Trade deficit has widened as the decline in exports was sharper than the decline in imports.

Cumulative trade deficit for the first seven months of the current financial year widened to $110.21 billion, as compared to $106.80 billion registered during April-October period of last year.