India's exports turn positive in September; up 6% at $27.58 billion

16 Oct 2020 Evaluate

After contracting for six straight months, India’s merchandise exports grew by 5.99 percent to $27.58 billion in September 2020 as compared to same period of last year, on account of growth in shipments of drugs and pharmaceuticals and readymade garments. Trade deficit, gap between imports and exports, narrowed to $2.72 billion in September 2020 as compared to a shortfall of $11.67 billion in the year ago-month.

As per the data released by the Commerce Ministry, merchandise exports rose by 5.99% to $27.58 billion in September 2020, as compared to $26.02 billion in the same month a year ago. In Rupee terms, it was up by 9.19% to Rs 2,02,694.07 crore in September 2020, as compared to Rs 1,85,642.32 crore in September 2019. Cumulative value of exports for the period April- September 2020-21 was $125.25 billion as against $159.16 billion during the period April- September 2019-20, registering a negative growth of 21.31%. In Rupee terms, it was down by 15.74% to Rs 9,38,529.94 crore from Rs 11,13,886.17crore.

Non-petroleum and Non Gems and Jewellery exports in September 2020 were $104.51 billion, as compared to $118.65 billion in September 2019, exhibiting a positive growth of 11.94%. Non-petroleum and Non Gems and Jewellery exports in April- September 2020-21 were $104.51 billion, as compared to $118.65 billion for the corresponding period in 2019-20.

On the other hand, imports during September 2020 decreased by 19.60% to $30.31 billion as compared to $37.69 billion in September 2019, while in rupee terms it was down by 17.18% to Rs 2,22,708.15 crore from Rs 2,68,891.09 crore in September 2019. Cumulative value of imports for the period April- September 2020-21 was $148.69 billion, as against $248.08 billion during the period April- September 2019-20, registering a negative growth of 40.06%. In rupee terms, it was Rs 11,14,686.58 crore, down by 35.77% from Rs 17,35,550.99 crore in the same period last year.

Oil imports in September 2020 were $5.83 billion, which were 35.88% lower, compared to $9.09 billion in September 2019. Oil imports in April- September 2020-21 were $31.86 billion which were 51.14% lower compared to $65.20 billion, over the same period last year. Non-oil imports during September 2020 were estimated at $24.48 billion which was 14.43% lower than non-oil imports of $28.61 billion in September 2019. Non-Oil and Non-Gold imports were $23.88 billion in September 2020, down 12.63% over the same period of last year. Non-Oil and Non-Gold imports were $110.05 billion in April- September 2020-21, down 34.13%, over the same period of last year

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