Gold imports rose 36 per cent, and those of pearls and precious stones jumped by 50 per cent. Reflecting rising demand in the segment, electronic goods imports also rose 16 per cent.
However, imports of capital goods declined sharply, suggesting that investment demand looks lacklustre as against consumption demand. Transport equipment imports fell 56 per cent, while machinery imports declined by 15.6 per cent in October.
Pharma exports grew 22 per cent, rice exports doubled year-on-year, and chemicals exports rose 74 per cent. Gems and jewellery exports, on the other hand, declined 21 per cent, while leather and leather products fell 3.8 per cent.
Exporters have received many enquiries and orders, said Sharad Kumar Saraf, president at the Federation of Indian Export Organisations (FIEO). He added that the completion of the US presidential elections and the Christmas and New Year festive season would expedite revival.
Rise in imports of precious metals as raw material for the gems and jewellery industry augurs well for the sector, FIEO said.
Engineering exports, however, fell 3.8 per cent in October. Speaking about this, Mahesh Desai, chairman at Engineering Exports Promotion Council, said India may see headwinds as major European economies such as Germany and France impose fresh lockdowns.
Experts said the trend was along expected lines, but cautioned about its sluggish nature.
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