India's October exports rose an annual 10.8 percent to $19.9 billion, while imports for the month rose 21.7 percent to $39.5 billion, the trade secretary said on Tuesday, citing provisional data.
India's trade deficit in October is seen at $19.6 billion, the highest in four years, Rahul Khullar said. At this rate, the trade deficit for the year could breach the $150 billion mark, he added. We clearly have a problem though I see some deceleration in imports too, he said.
Indian exporters enjoyed record growth in the last fiscal year and have notched high double-digit growth in recent months buoyed by demand for the country's cars, petroleum products and precious stones.
Khullar has previously said economic turbulence in the United States and Europe, India's top sales destinations would slow exports in October, likely widening the trade deficit for the fiscal year ending March 2012.