India’s exports drop 6.57% in September; trade deficit narrows to $10.86 billion

16 Oct 2019 Evaluate

Continuing its losing streak for the second straight month, India’s merchandise exports dropped by 6.57% in September 2019 as compared to same period of last year, on the back of significant dip in shipments from key sectors like petroleum, engineering, leather, chemicals, and gems & jewellery. Trade deficit, gap between imports and exports, narrowed to a seven-month low of $10.86 billion in September from $14.95 billion a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 6.57% to $26.03 billion in September 2019, as compared to $27.87 billion in the same month a year ago. In Rupee terms, it was down by 7.71% to Rs 1,85,710.81 crore in September 2019, as compared to Rs 2,01,234.95 crore in September 2018. Cumulative value of exports for the period April- September 2019-20 was $159.57 billion as against $163.48 billion during the period April- September 2018-19, registering a negative growth of 2.39%. In Rupee terms, it was down by 0.42% to Rs 11,16,766.77 crore from Rs 11,21,474.97 crore.

Non-petroleum and Non Gems and Jewellery exports in September 2019 were $19 billion, as compared to $19.84 billion in September 2018, exhibiting a negative growth of 4.20%. Non-petroleum and Non Gems and Jewellery exports in April- September 2019-20 were $118.41 billion, as compared to $119.01 billion for the corresponding period in 2018-19, a decrease of 0.50%.

On the other hand, Imports during September 2019, decreased by 13.85% to $36.89 billion as compared to $42.82 billion in September 2018, and in rupee terms it was down by 14.90% to Rs 2,63,158.22 crore from Rs 3,09,222.94 crore in September 2018. Cumulative value of imports for the period April- September 2019-20 was $243.28 billion, as against $261.63 billion during the period April- September 2018-19, registering a negative growth of 7.01%. In rupee terms, it was Rs 17,01,997.27 crore, down by 5.18% from Rs 17,94,884.20 crore in the same period last year.

Oil imports in September 2019 were $8.98 billion, which was 18.33% lower, compared to $10.99 billion in September 2018. Oil imports in April- September 2019-20 were $64.30 billion which was 8.22% lower compared to $70.06 billion, over the same period last year. Non-oil imports during September 2019 were estimated at $27.91 billion which was 12.30% lower than non-oil imports of $31.83 billion in September 2018. Non-Oil and Non-Gold imports were $26.64 billion in September 2019, down 8.88% over the same period of last year. Non-Oil and Non-Gold imports were $163.17 billion in April- September 2019-20, down 6.18%, over the same period of last year.

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