Zee Media Bureau
New Delhi: With exports contracting and trade deficit widening USD 13.35 billion in October, India's current account deficit (CAD) rose to USD 10.1 billion or 2.1 percent of the GDD in the July-September quarter.
In the April-June quater, the CAD had contracted narrowly by just 1.7 percent to USD 7.8 billion of the GDP.
According to an RBI statement, merchandise exports decelerated 4.9 percent while gold imports rose by 8.1 percent due to heavy buying.
Exports in October contracted by 5.04 percent which the exporters attributed the dip in outbound shipments to subdued demand in the US and European markets.
Exports was said to have entered the negative zone after a gap of six months during October.
On the other hand, gold imports jumped manifold (280 percent) to USD 4.17 billion in the month, increasing the trade deficit to USD 13.35 billion as against USD 10.59 billion in October last year.
