India’s Trade Deficit to USD 11 Billion in October 2019
India’s Balance of Trade increased to USD 11.01 Billion in the month of October 2019. It was USD 10.86 Billion in the last September. The Trade deficit during October 2018 was said to USD 18 Billion.
However the current Trade deficit for India is lower than the Market Forecast of USD 12.05 Billion. India’s October 2019 import rate has fallen due to decline in Petroleum and Crude Products.
Imports of Crude and Petroleum products fell 31 Percent, while Electronic Goods and Transport Equipment fell by 8.5 Percent and 14.70 Percent respectively. But the Gold imports rose by 4.7 Percent in the month of October 2019.
The Exports for India were fell by One Percent in October 2019. Exports of Petroleum products has fallen 14.60 Percent and Plastic products fell by 11 Percent. Exports of Textiles, Cotton yarn and its products were also declined in the last month.
Exports of Pharmaceuticals and and Electronic Goods also suffered with a sharp decline. The Country’s demand is largely dependent on Imports and so the Trade deficit is changing.
Most of the Trade deficit has been with China, Saudi Arabia, Switzerland, Iraq and Indonesia. On the other hand, India’s Trade surpluses with US, UAE, UK, Hong Kong and Vietnam.
Nation’s Largest import items are Mineral Fuels, Oils and Waxes, Pearls, Precious and Semi precious stones and Jewelry. India’s record low of Trade deficit with USD 20,210 Million which came in the period of October 2012. And the Record Trade Surplus of USD 258 Million which was seen in the March of 1977.
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