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    Trade deficit narrows to $11 billion in October; exports dip 1.11%, import contracts 16.31%

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    India's exports contracted for the third month in a row in October by 1.11 per cent to USD 26.38 billion mainly on account of a significant dip in shipments of petroleum, carpet, leather products, rice and tea. Imports too declined by 16.31 per cent to USD 37.39 billion in October, narrowing the trade deficit to USD 11 billion, according to the government data released on Friday. The trade deficit stood at USD 18 billion in October 2018.

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    The Economic Times