India's exports drop 11.8% to $34.38 bn in Oct; gold and silver lead import surge

India's exports contracted 11.8 per cent to USD 34.38 billion in October, showed government data released on Monday.

Imports jumped 16.63 per cent to USD 76.06 billion.

The country's trade deficit stood at USD 41.68 billion during the reporting month.

Imports surged due to increased shipments of gold and silver.

Gold imports jumped to USD 14.72 bn in the last month against USD 4.92 bn recorded in the same month last year.

The country's exports to the United States declined to USD 6.3 bn in October as against USD 6.9 bn registered in the year-ago month, Commerce Secretary Rajesh Agrawal told reporters here.

During April-October this fiscal, exports increased marginally by 0.63 per cent to USD 254.25 billion. At the same time, imports rose 6.37 per cent to USD 451.08 billion, the commerce ministry data showed.