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14 November 2017
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| India's trade deficit (The Total Investment & Insurance Solutions) |
India's trade deficit widened to its highest
in nearly three years in October, government data showed on Tuesday, as export
growth contracted for the first time after more than a year.
The trade deficit widened to $14.02 billion
last month from $8.98 billion in September, data from the Ministry of Commerce
and Industry showed.
The trade deficit has widened by more $31
billion in the first seven months of the current financial year to $86.15
billion, which could put pressure on the current account deficit of
Asia's third largest economy.
Merchandise exports for October
fell 1.12 percent from a year earlier to $23.1 billion, dropping for the first
time since August 2016, dragged down by fall in gems, jewellery and textile
exports.
A large number of exporters have been unable
to meet their export orders despite a revival in global demand as billions of
dollars were stuck under the new nationwide tax launched in July, exporters
said.
"The refund of inputs tax credit under
the new Goods and Service Tax system has been stuck since July, hitting
exports," Ganesh Kumar Gupta, president of Federation of Indian Export
Organisations, said.
Goods imports were up 7.6 percent from a year
earlier to $37.12 billion.
Higher crude oil prices and a more than a
quarter jump in volume from a year ago pushed India`s petroleum imports to
$9.29 billion, also helping to widen the trade gap.
Crude prices have
rallied, sending Brent crude to its highest since June 2015, a worry given that
India imports most of its energy needs.The
Total Investment & Insurance Solutions
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