Merchandise exports decline by over 5%

new delhi — India’s merchandise exports in October declined by over five per cent on a year-onyear basis, with merchandise worth $24.89 billion shipped out during the month against $26.23 billion in the same period last year, according to Ministry of Commerce and Industry data.

In terms of sequential movement, the country’s merchandise exports in September had risen by 5.99 per cent to $27.58 billion from $26.02 billion. Accordingly, major commodities that recorded negative growth during October were petroleum products, cashew, gems and jewellery, leather and leather products, amongst others.

“Non-petroleum and non-gems and jewellery exports in October 2020 were $20.31 billion, compared to $19.07 billion in October 2019, registering a positive growth of 6.51 per cent,” the ministry said.

Similarly, India’s imports declined, falling by 11.53 per cent to $33.61 billion in October from $37.99 billion. In September, imports declined by 19.6 per cent to $30.31 billion from $37.69 billion.

“Oil imports in October 2020 were $5.98 billion, which was 38.52 per cent lower in dollar terms, compared to $9.73 billion in October 2019,” the statement said. “Non-oil imports in October 2020 were estimated at $27.62 billion which was 2.24 per cent lower in dollar terms compared to $28.26 billion in October 2019.”

“Non-oil and non-gold imports were $25.12 billion in October 2020, recording a negative growth of 4.90 per cent, compared to non-oil and non-gold imports of $26.42 billion in October 2019.”

India’s trade deficit narrowed to $8.71 billion on a yearon-year basis in October from $11.75 billion. —