Exports slump 12% in Oct

As expected, India's merchandise exports fell in October for the first time in seven years after the worst financial crisis since the Great Depression and the subsequent slump in global economy slowed demand for the nation's goods. Exports fell by 12.1% in October to US$12.8bn from US$14.6bn in the same month last year, data released by the Commerce & Industry Ministry showed on Monday. In rupee terms, exports touched Rs623.87bn, which was 8.2% higher than the value of exports during October 2007. The last time exports fell was in October 2001, when they declined 7.4%. Imports for the month climbed 10.6% to US$23.4bn from US$21.1bn in October 2007. In rupee terms, imports increased by 36.2%. As a result, the trade deficit for October increased to US$10.5bn from US$6.5bn in the same month last year. Oil imports rose 22% in October to US$7.9bn while non-oil imports were up 5.5% at US$15.4bn, the Government data revealed.