India’s exports contract 1.11% in October; trade deficit narrows to $11.01 billion

18 Nov 2019 Evaluate

Falling for third straight month, India’s merchandise exports contracted by 1.11% in October 2019 as compared to same period of last year, mainly on account of a significant dip in shipments of petroleum, carpet, leather products, rice and tea. Trade deficit, gap between imports and exports, narrowed to $11.01 billion in October from $18.0 billion a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 1.11% to $26.38 billion in October 2019, as compared to $26.67 billion in the same month a year ago. In Rupee terms, it was down by 4.59% to Rs 1,87,382.29 crore in October 2019, as compared to Rs 1,96,406.43 crore in October 2018. Cumulative value of exports for the period April- October 2019-20 was $185.95 billion as against $190.15 billion during the period April- October 2018-19, registering a negative growth of 2.21%. In Rupee terms, it was down by 1.04% to Rs 13,04,149.06 crore from Rs 13,17,881.40 crore.

Non-petroleum and Non Gems and Jewellery exports in October 2019 were $19.04 billion, as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59%. Non-petroleum and Non Gems and Jewellery exports in April- October 2019-20 were $137.45 billion, as compared to $137.93 billion for the corresponding period in 2018-19, a decrease of 0.35%.

On the other hand, Imports during October 2019, decreased by 16.31% to $37.39 billion as compared to $44.68 billion in October 2018, and in rupee terms it was down by 19.26% to Rs 2,65,628.46 crore from Rs 3,28,973.56 crore in October 2018. Cumulative value of imports for the period April- October 2019-20 was $280.67 billion, as against $306.31 billion during the period April- October 2018-19, registering a negative growth of 8.37%. In rupee terms, it was Rs 19,67,625.73 crore, down by 7.36% from Rs 21,23,857.76 crore in the same period last year.

Oil imports in October 2019 were $9.63 billion, which was 31.74% lower, compared to $14.11 billion in October 2018. Oil imports in April- October 2019-20 were $73.93 billion which was 12.16% lower compared to $84.17 billion, over the same period last year. Non-oil imports during October 2019 were estimated at $27.76 billion which was 9.19% lower than non-oil imports of $30.57 billion in October 2018. Non-Oil and Non-Gold imports were $25.92 billion in October 2019, down 10.04% over the same period of last year. Non-Oil and Non-Gold imports were $189.10 billion in April-October 2019-20, down 6.73%, over the same period of last year.

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