India's exports dip 5.04% in October, trade deficit up

India's exports contracted by 5.04 per cent to $26 billion in October while imports grew by 3.62 per cent, pushing up the trade deficit as gold imports shot up during the month.

Imports during the month were $39.45 billion, as against $38.07 billion in October 2013.

Gold imports last month jumped to $4.17 billion from $1.09 billion a year ago.

The 280.39 per cent growth in gold imports has pushed the trade deficit to $13.35 billion in October, from $10.59 billion in the corresponding period last year.

During April-October period of the current fiscal, the country's exports are up 4.72 per cent to $189.79 billion, while imports are up 1.86 per cent to $273.55 billion.

Trade deficit during the seven month period of 2014-15 stands at $83.75 billion as against $87.31 billion in the same period last fiscal.