Exports decline 1.1% in October, imports contract 16.3%; trade deficit narrows to $11 bn

New Delhi: The country’s exports dipped by 1.11 percent to $26.38 billion in October on account of contraction in sectors like petroleum and leather. In September also, exports had contracted by 6.57 percent to $26 billion.

Imports too declined by 16.31 percent to $37.39 billion, narrowing trade deficit to $11 billion in October, according to official data released on Friday. Trade deficit in October last year stood at $18 billion. Oil imports, in October 2019, fell 31.74 percent to $9.63 billion as compared to the same month last year. Exports during April - October this fiscal dipped by 2.21 percent to $185.95 billion. Imports were down by 8.37 percent to $280.67 billion, leaving a trade deficit of $94.72 billion.