Gold imports dipped 16 per cent to $2.9 billion last month.
He said there is sharp fall in major labour-intensive sectors like leather and leather products, gems and jewellery, handicrafts, ready-made garments and carpets among others. Also in the red were electronic goods (-6.75%), drugs and pharmaceuticals (-8.75%), mica, coal and other ores (-4.19%), fruits and vegetables (-27.53%), tobacco (-7.98%).
While engineering goods, one of the top exports from India, continued to increase, there was a slowdown in pace. Gold imports dipped by 16 per cent to Dollars 2.94 billion last month.
Exports of plastic and linoleum (24.5%), chemicals (22.3%), petroleum products (14.7%), engineering goods (11.7%) and marine products (8.52%) grew. He added that EEPC hoped that the new refund regime for the exporters worked well.
Federation of Indian Export Organisations (FIEO), president, Ganesh Kumar Gupta said that the fall was expected as exporters particularly MSME were facing liquidity problem to pay GST for four months in a row without getting any refund. Merchandise exports for October fell 1.12 percent from a year ago to $23.1 billion.
"Implementation of the measures approved by GST Council is not taking place as a result challenges faced by the exporters remain the same", added FIEO chief.
Growth in the Index of Industrial Production (IIP) slowed to 3.8 per cent in September, from 4.5 per cent in August.
Cumulative exports during April-October, however, increased by 9.62 per cent to $170.28 billion while imports grew by 22.21 per cent to $256.43 billion, resulting in a trade deficit of $86.14 billion for the first seven months of the current fiscal. It had stood at almost $9 billion in September and $11.1 billion in the year-ago period.
"The global Brent prices have increased by 19.42 per cent in October 2017 vis-a-vis October 2016 as per World Bank commodity price data", the statement said.
Higher crude oil prices and a more than a quarter jump in volume from a year ago pushed India's petroleum imports to $9.29 billion, also helping to widen the trade gap.