India's October merchandise exports fall by over 5%
New Delhi, November 13, 2020
India's merchandise exports in October declined by over 5 per cent on a year-on-year basis.
As per the Ministry of Commerce and Industry's data released on Friday, merchandise worth $24.89 billion were shipped out during the month under review as against $26.23 billion exported in the same period of the previous year.
In terms of sequential movement, the country's merchandise exports in September had risen by 5.99 per cent to $27.58 billion from $26.02 billion exported in the same period of the previous year.
Accordingly, major commodities which have recorded negative growth during October 2020 vis-a-vis October 2019 were 'petroleum products, cashew, gems and jewellery, leather and leather products' amongst others.
"Non-petroleum and non-gems and jewellery exports in October 2020 were USD 20.31 Billion, as compared to USD 19.07 billion in October 2019, registering a positive growth of 6.51 per cent," the ministry said.
Similarly, India's imports declined, it fell by (-) 11.53 per cent to $33.61 billion in October from $37.99 billion reported for the corresponding month of 2019.
In September, imports declined by (-) 19.60 per cent to $30.31 billion in from $37.69 billion reported for the corresponding month of 2019.
"Oil imports in October 2020 were USD 5.98 Billion, which was 38.52 per cent lower in Dollar terms, compared to USD 9.73 billion in October 2019," the statement said.
"Non-oil imports in October 2020 were estimated at USD 27.62 Billion which was 2.24 per cent lower in Dollar terms compared to USD 28.26 billion in October 2019."
"Non-oil and non-gold imports were USD 25.12 billion in October 2020, recording a negative growth of (-) 4.90 per cent, as compared to non-oil and non-gold imports of USD 26.42 billion in October 2019."
Consequently, India's trade deficit narrowed to $8.71billion on a year-on-year basis in October from $11.75 billion reported for the corresponding month of last year.
The trade deficit had narrowed to $2.72 billion in September from $11.67 billion reported for the corresponding month of the previous year.