India's exports shrunk by 11.8 per cent to US $34.38 billion in October, according to government data released on Monday. Imports, on the other hand, jumped 16.63 per cent to US $76.06 billion.
The country's trade deficit stood at US $41.68 billion during the reporting month. Imports surged due to increased shipments of gold and silver.
Gold imports jumped to US $14.72 billion in the last month against US $4.92 billion recorded in the same month last year.
The country's exports to the United States declined to US $6.3 billion in October as against USD 6.9 billion registered in the year-ago month, Commerce Secretary Rajesh Agrawal told reporters here.
During April-October this fiscal, exports increased marginally by 0.63 per cent to US $254.25 billion. At the same time, imports rose 6.37 per cent to US $451.08 billion, the commerce ministry data showed.
Also read: Higher exports in August cut India’s trade deficit by half
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