India's exports in October contracted 1.63 per cent year-on-year, for the sixth month in a row, to 23.2 billion US Dollars, mainly due to demand slowdown in the US and European markets. Exports in October 2011 stood at 23.6 billion Dollars.

However, imports grew by 7.37 per cent to 44.2 billion US Dollars in October, leaving a trade deficit of 20.96 billion Dollars.

Oil imports in October increased by 31.6 per cent year-on-year to 14.78 billion US Dollars. However, non-oil imports declined by 1.73 per cent to 29.42 billion Dollars.