October Trade Deficit Widens To Near 3-year High To $14.02 Billion; Oil Imports Up By Over 27%

October Trade Deficit Widens To Near 3-year High To $14.02 Billion; Oil Imports Up By Over 27%

The October trade deficit has widened to a three-year high to $14.02 billion from $8.98 billion in September, while Oil imports rose by more than 27% as compared to the previous fiscal, the government data showed. The fall in total exports by 1.1% year-on-year to $23.10 billion and rise in total imports by 7.6% at $37.12 billion widened the trade deficit even further to $14.02 billion up from $8.98 billion in September and $11.13 billion last year.

The rising oil imports come at a time when the international crude oil prices are surging each day, pushing even fuel prices at home higher. The jewellery imports rose by 24.5% in October to $2.31 billion, while the non-oil imports were at $27.83 billion up 2.2% year-on-year. Merchandise exports for October fell 1.12 percent from a year ago to $23.1 billion. Goods imports last month were $37.12 billion, a gain of 7.6 percent from a year ago, data from the commerce and industry ministry showed. Read More…

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