India’s exports fall 5.4% in October; trade deficit narrows to $8.78 billion

04 Nov 2020 Evaluate

The Commerce Ministry in its latest data has showed that India’s merchandise exports fell by 5.4 percent to $24.82 billion in October 2020 as compared to $26.23 billion in the same month a year ago, on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Exports during April- October 2020-21 were $150.07 billion, exhibiting a negative growth of 19.05 percent over the same period last year. Trade deficit, gap between imports and exports, narrowed to $8.78 billion in October 2020 from $11.76 billion a year ago.

In October 2020, the value of non-petroleum exports was $23.21 billion, registering a positive growth of 1.84% over October 2019. The value of non-petroleum and non-gems and jewellery exports in October 2020 was $20.28 billion, as compared to $ 19.07 billion in October 2019, registering a positive growth of 6.34%. The cumulative value of non-petroleum and non-gems and jewellery exports in April-October 2020-21 was $124.79 billion, as compared to $137.72 billion for the corresponding period in 2019-20, exhibiting a decrease of 9.39%.

On the other hand, the value of India’s merchandise imports in October 2020 was $33.6 billion, as compared to $37.99 billion in October 2019, a decline of 11.56%. Merchandise imports during April-October 2020-21 were $182.29 billion, as compared to $286.07 billion during the same period last year, exhibiting a negative growth of 36.28%. In October 2020, Oil imports were $5.98 billion, as compared to $9.73 billion in October 2019, a decline by 38.52%. Oil imports in April-October 2020-21 were $37.84 billion, as compared to $74.93 billion, showing a decline of 49.5%.

Non-oil imports in October 2020 were estimated at $27.62 billion, as compared to $28.26 billion in October 2019, showing a decline of 2.26%. Non-oil imports in April-October 2020-21 were $144.45 billion, as compared to $211.14 billion, registering a decline of 31.59% during the same period of the last year. Non-oil, non-GJ (gold, silver &Precious metals) imports were $22.83 billion in October 2020, recording a negative growth of 8.31%, as compared to non-oil and non-gold imports of $24.9 billion in October 2019. Non-oil and non-gold imports were $126.97 billion in April-October 2020-21, recording a negative growth of 29.28%, as compared to non-oil and non-gold imports of $179.55 billion in April-October 2019-20.

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