Exports dip in Oct, trade deficit at 3-year high

Mr Gupta said that exports should be out rightly kept out of the purview of GST as paying the tax first and getting refund is cumbersome and is affecting exports

India's trade deficit came at $14.02 billion in October, highest since November 2014, from $8.98 billion in the previous month.

Data released on Tuesday evening showed, exports fell 1.1% to $23.1 billion in October from $23.4 a year ago.

These investments were lower on sequential basis as well, down from United States dollars 2.65 billion in September this year.

"The refund of inputs tax credit under the new Goods and Service Tax system has been stuck since July, hitting exports", Ganesh Kumar Gupta, president of Federation of Indian Export Organisations, said.

On the other hand, imports during the month were increased by 7.6%, leading to the highest trade deficit in the past 35 months.

"The contraction in merchandise exports in October partly reflects an unfavourable base effect, as well as upfronting of shipments to the previous month", she added.

Peterman to Start as Bills QB vs Chargers
Against a Saints defense that ranked 15th in yards allowed per game entering Sunday (326.6), there was a clear problem Sunday for Buffalo's offense.

Rex Tillerson to discuss Rohingya crisis with Aung San Suu Kyi
Rohingya Muslims have lived in Myanmar for decades but many in the country's Buddhist majority see them as foreigners. He says that "her association with our city shames us all and we should have no truck with it, even by default".

Being homosexual is a tendency, not permanent: Sri Sri Ravi Shankar
The Art of Living Foundation founder had made a similar effort in 2003 to resolve the dispute but it had failed. Significantly, the All-India Shia Personal Law Board has too sided with the stand taken by the AIMPLB.

Cumulative exports during April-October 2017-18 increased by 9.62 per cent to $170.28 billion, while imports grew by 22.21 per cent to $256.43 billion, leaving a trade deficit of $86.14 billion.

In the month of October, the country's imports stood at $37.1 billion, an increase of 7.6% as compared to $34.5 billion in October a year ago. "Implementation of the measures approved by the GST Council is not taking place, as a result challenges faced by the exporters remain the same".

Exports of man-made textiles, including yarn, fabric, made-ups, etc during the month dropped 8.26 per cent to Rs 2,309.57 crore, as against exports of Rs 2,517.51 crore in October 2016.

Exports had soared by 25.7 per cent to $28.6 billion in September, its highest growth in six months, with expansion in shipment of chemicals, petroleum, and engineering products. The decline in these highly employment-intensive sectors is a worrisome sign, said Mr Gupta.

He suggested that exports should be out rightly kept out of the purview of GST as paying the tax first and getting refund is cumbersome, complex and complicated, affecting exports. Aditi Nayar, principal economist with rating agency Icra, says: "Gold imports contracted in October despite onset of the festive and wedding season, given the build-up of substantial stocks over the past few months".

Related:

  • Korean soldier shot while defecting to South

    Korean soldier shot while defecting to South

    Monday's incident was the first shooting at the Joint Security Area since North Korean and U.N. They have previously accused South Korea of kidnapping or enticing North Koreans to defect.
    Teva Pharmaceutical Industries Ltd (ADR) (TEVA) Analysts See $1.05 EPS

    Teva Pharmaceutical Industries Ltd (ADR) (TEVA) Analysts See $1.05 EPS

    Jefferies Group LLC restated a hold rating on shares of Teva Pharmaceutical Industries Limited in a report on Tuesday, July 25th. Cowen & Co maintained Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) on Wednesday, April 5 with "Outperform" rating.
    Qualcomm rejects $130B Broadcom bid

    Qualcomm rejects $130B Broadcom bid

    Qualcomm also said the transaction may face regulatory scrutiny that would cast doubt on its completion. Through its proposal, Broadcom sought to conduct the second-largest deal in American corporate history.
  • Loew saddened by Italy's World Cup failure

    Loew saddened by Italy's World Cup failure

    But he was largely left on the bench by coach Gian Piero Ventura in the playoff loss. Napoli legend Diego Maradona is sorry seeing Italy out of the World Cup .
    Russian legislators approve bill targeting foreign media

    Russian legislators approve bill targeting foreign media

    The bill will pass to the upper house which is expected to quickly rubber-stamp it next week before it goes to Mr Putin. The amendments, which are set to be voted on today, came after the Russian state-funded RT registered with the U.S.

    Stock Intraday Alert: Delta Air Lines, Inc. (DAL)

    They expect this year's earnings to fall -56.19% year-over-year to -$0.46, followed by -45.65% decline in the next year to -$0.25. State Street Corp boosted its stake in shares of Delta Air Lines by 0.3% in the second quarter. (NYSE: DAL ) on Monday, May 22.
  • Greggs 'sorry' for swapping Saviour for sausage

    Greggs 'sorry' for swapping Saviour for sausage

    James Mather said: "I'm no prude, but equating Jesus, a Jew, to a sausage roll really is deeply offensive on all sorts of levels". Greggs has apologised for a Christmas advert that replaced the baby Jesus with a sausage roll in a traditional nativity scene.
    Minimum alcohol pricing can go ahead, court rules

    Minimum alcohol pricing can go ahead, court rules

    We welcome today's landmark decision. "Now that the Supreme Court have made their ruling, we urge the industry to get behind the decision".
    Bisping odds underdog in Gastelum fight

    Bisping odds underdog in Gastelum fight

    At 42 years old, Silva wrote on social media that he competes "not because of fame or money, it's because I love to fight". I would love to be a part of that to say thank you to the British people who supported me and have my last fight there".
  • Mahindra Scorpio Facelift to be launched today

    Mahindra Scorpio Facelift to be launched today

    The new SUV gets some cosmetic updates to its exterior along with new features on the inside. The tail gate has been redesigned, which now features a chrome number plate garnish.
    3 dead after shooting in Northern California elementary school

    3 dead after shooting in Northern California elementary school

    Students also were shot and wounded at an elementary school. "They went around the community shooting at the schools!" Gov. A reporter at Action News Now described anxious parents trying to get to their children at Rancho Tehama Elementary.
    Congress MLAs favour diluting medical bill; health minister threatens to quit

    Congress MLAs favour diluting medical bill; health minister threatens to quit

    Meanwhile, MLC Ivan Desoza tabled the Joint Select Committee report on proposed amendment bill in the house for consideration.

Comments

Latest news

Trump gets 'death sentence' from North Korea for insulting leader
Trump has been working to rally global pressure against North Korea's nuclear weapons program on a trip to Asia. In September, Trump called Kim Jong Un "rocket man" during a speech to the UN.

Earnings on the Doorstep For Target Corporation
BidaskClub upgraded shares of Target Corporation from a "hold" rating to a "buy" rating in a research note on Sunday, August 6th. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link .

Zoella Apologises For Advent Calendar Blunder As Price Gets Halved
Zoella explained that she felt "just as let down" as her fans, before reasserting that the price is set by the retailer, not her. A fourth offensive tweet refers to an unknown woman and says: '@camieee haha, it's like everyone feels sorry for her.

Astronomers find another Earth-size world relatively close to the Sun
The star is classified as a red dwarf, which are some of the coolest, faintest - and most common - stars in the universe. The astronomers detail their discovery in a new study, published Wednesday in the journal Astronomy and Astrophysics.

Serena Williams Is Reportedly Getting Married in New Orleans This Week
The exact venue has been kept so secreat that even the guests won't know the exact location until Thursday morning. Serena Williams and her fiance Alexis Ohanian are reportedly set to marry on Thursday.

Kim Kardashian says using a surrogate is 'hard'
Apparently, North West is getting into the toy testing business. "She names everything Star West". "She named it Star West". Kim's baby is due at the start of her new year. "I'll play with them and just make sure they're okay for Baby Sister '".

The New Razer BlackWidow Ultimate Gains Dust & Water Resistance; Retails at RM549
The keyboard is IP54 dust and water resistant, and is created to be the "most resilient gaming keyboard to date". The first digit in an IP rating covers dust protection, and the second number refers to water protection.

When does I'm A Celebrity 2017 start? Date, time and details revealed
The popular show is back for a highly-anticipated new instalment - with Ant and Dec set to reprise their presenting roles. Ant McPartlin has since confirmed to The Sun that he will be returning to the jungle.

Telegraph accused of 'bullying' Tory rebel MPs after labelling them Brexit 'mutineers'
Debate resumes on Wednesday on the next batch of nearly 200 pages of amendments tabled from MPs of all parties. We want the government to be in the strongest possible position to bring home the best deal.

Australia qualifies for World Cup with 3-1 win over Honduras
Despite going behind, they knew an away goal without reply would take them through if they denied Australia any more goals. While the Socceroos have qualified for the World Cup, Ange Postecoglu's job is not done just yet.

Cyber Monday Tops Black Friday For Holiday Shopping
But you don't have to wait to save as this LG screen with 2160p resolution is now 21% off its regular price of $699.99. You can review the Thanksgiving Day 2016 Openings List to get a better idea of all of the stores to expect this year.

Nazanin Zaghari-Ratcliffe: Boris Johnson to meet husband
It follows an apology by the foreign secretary for "anguish" caused by false remarks he made about the reason for her travels. Some critics called for Mr Johnson to resign, but Richard Ratcliffe said it would not be in his wife's interests.

Walmart partners with department store
For example, Macy's in 2015 said it would enter China with a virtual store on Alibaba and test demand in that market. Last year's clothing and footwear market sales totaled to $13 billion which was up $9 billion 5 years prior.

Boeing, flydubai Sign Historic Deal for 225 737 MAX Airplanes
Dubai-based budget carrier, flydubai, is nearing a deal to order 175 Boeing 737 MAX jets, sources familiar with the matter said. The deal, which was inked at the Dubai Airshow, is for 225 737 Max planes with a list price value of $27bn.

Giancarlo Stanton Trade Rumors: Marlins' Prospect Asking Price 'Shockingly High'
For the record, I said back in November 2014 that giving Giancarlo Stanton a 13-year contract for butt tons of money was stupid . But, finding a team with a combination of prospects and ability to pay the remaining $295 million on the deal won't be easy.

Other news