India’s exports fall 5.12% in October; trade deficit narrows to $8.71 billion

17 Nov 2020 Evaluate

India’s merchandise exports fell 5.12 percent to $24.89 billion in October 2020 as compared to same period of last year, after recording positive growth in September, on account of drop in shipments of petroleum products, gems and jewellery, leather and engineering goods. After contracting for six straight months, India's exports had risen 5.99 percent to $27.58 billion in September. Trade deficit, gap between imports and exports, narrowed to $8.71 billion in October 2020 as compared to $11.75 billion in the corresponding month a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 5.12% to $24.89 billion in October 2020, as compared to $26.23 billion in the same month a year ago. In Rupee terms, it down up by 1.88% to Rs 1,82,845.95 crore in October 2020, as compared to Rs 1,86,358.06 crore in October 2019. Cumulative value of exports for the period April- October 2020-21 was $150.14 billion as against $185.40 billion during the period April- October 2019-20, registering a negative growth of 19.02%. In Rupee terms, it was down by 13.76% to Rs 11,21,375.89 crore from Rs 13,00,244.23 crore.

Non-petroleum and Non Gems and Jewellery exports in October 2020 were $20.31 billion, as compared to $19.07 billion in October 2019, exhibiting a positive growth of 6.51%. Non-petroleum and Non Gems and Jewellery exports in April- October 2020-21 were $124.82 billion, as compared to $137.72 billion for the corresponding period in 2019-20.

On the other hand, imports during October 2020 decreased by 11.53% to $33.61 billion as compared to $37.99 billion in October 2019, while in rupee terms it was down by 8.52% to Rs 2,46,856.53 crore from Rs 2,69,852.86 crore in September 2019. Cumulative value of imports for the period April- October 2020-21 was $182.29 billion, as against $286.07 billion during the period April- October 2019-20, registering a negative growth of 36.28%. In rupee terms, it was Rs 13,61,543.11 crore, down by 32.11% from Rs 20,05,403.85 crore in the same period last year.

Oil imports in October 2020 were $5.98 billion, which were 38.52% lower, compared to $9.73 billion in October 2019. Oil imports in April- October 2020-21 were $37.84 billion which were 49.50% lower compared to $74.92 billion, over the same period last year. Non-oil imports during October 2020 were estimated at $27.62 billion which was 2.24% lower than non-oil imports of $28.26 billion in October 2019. Non-Oil and Non-Gold imports were $25.12 billion in October 2020, down 4.90% over the same period of last year. Non-Oil and Non-Gold imports were $135.18 billion in April- October 2020-21, down 30.14%, over the same period of last year.

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