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India's October product trade deficit widens to $27.14 bln

India's product trade deficit in October broadened more than anticipated to $27.14 billion, driven by a rise in imports regardless of exports increasing yearoveryear.

Economists had actually expected the nation's October trade deficit to be $22 billion, according to a Reuters survey, compared to $ 20.78 billion in the previous month.

India's product exports in October increased 17.26%. year-on-year to $39.2 billion while imports rose 3.88% to $66.34. billion, government information released on Thursday showed.

In the previous month, product exports were $34.58. billion and imports stood at $55.36 billion.

India's overall exports are expected to rise above $800. billion in the ending in March 2025, Trade Secretary. Sunil Barthwal informed press reporters after the release of the trade. numbers.

The export efficiency was anticipated to stay strong,. driven by government's technique to focus on selective items. and markets, he stated.

India's overall exports touched $776.68 billion last fiscal. year, according to federal government quotes, almost at the exact same. level as a year earlier.

Engineering and electronic goods are a few of the focus. sectors. They are succeeding, the authorities stated, pointing out the. increase in exports of these products during the first seven of the. fiscal year.

Engineering exports increased to $67.49 billion during. April-October, compared to $61.5 billion from a year earlier,. and electronic devices goods shipments rose to $19.07 billion from. $ 15.42 billion during the same period, the data revealed.

Product trade deficit in April-October duration rose to. $ 164.65 billion, up 10% from $149.67 billion a year earlier.

In October, services exports were estimated at $34.02. billion, and imports at $17 billion against $30.61 billion and. $ 16.32 billion, respectively, in the previous month.

Gold imports rose to $7.13 billion in October, up from $4.39. billion in the previous month, while petroleum imports increased to. $ 18.2 billion from $12.5 billion, the data revealed.

Bullion imports had risen to $10.06 billion in August, the. greatest given that March 2021, after the federal government slashed the. import tariff on the yellow metal in July.

(source: Reuters)