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India’s trade deficit in October narrows to $8.78 bn, exports fall 5%

India's exports in October fell 5.4% to $ 24.82 billion, compared to $ 26.23 billion in October 2019, according to government data. It added that exports during the period from April to October 21, 2020, were $150.07 billion, exhibiting a decline of 19.05% compared to the same period last year.

Additionally, imports in October decreased by 11.56% to $ 33.6 billion, compared to $ 37.99 billion in October 2019. Merchandise imports during the period April-October 2020-21 amounted to $ 182.29 billion, compared to $ 286.07 billion during the same period of last year, exhibiting a negative growth of 36.28%, the government stated.

As a result, India's trade deficit for the month of October was reduced to $ 8.78 billion, compared to the trade deficit of $ 11.76 billion, an improvement of 25.34%.

The value of non-oil exports reached $ 23.21 billion, registering a positive growth of 1.84% compared to October 2019. Non-oil exports and not of gems and jewelry reached $ 20.28 billion, compared to $ 19.07 billion in the corresponding month, registering a positive growth of 6.34%.

trade deficit,exports,imports

The cumulative value of non-petroleum and non-gems and jewellery exports in April-October 2020-21 was $ 124.79 billion, compared to $ 137.72 billion for the corresponding period in 2019-20, exhibiting a decrease of 9.39%.

Oil imports were $ 5.98 billion, compared to $ 9.73 billion in October 2019, a decline of 38.52%Oil imports in the period from April to October 2020-21 amounted to $ 37.84 billion, compared to $ 74.93 billion, showing a decline of 49.5%.

Non-oil imports in October 2020 were estimated at $ 27.62 billion, compared to $ 28.26 billion in October 2019, showing a decline of 2.26%. Non-oil imports in the period from April to October 21, 2020, amounted to 144.45 billion dollars, compared to $211.14 billion, registering a decline of 31.59% during the same period of the last year.

Gold imports amounted to $ 22.83 billion, registering a negative growth of 8.31%, compared to non-oil and non-gold imports of $ 24.9 billion in October 2019. Non-oil and non-gold imports amounted to $ 126.97 billion in April-October 2020-21, registering a negative growth of 29.28%, compared to $ 179.55 billion in imports without oil and without gold in April-October 2019-20.

Since March, exports have registered negative growth due to the COVID-19 pandemic and the slowdown in global demand. However, in September, exports increased for the first time in seven months, as merchandise exports grew by 6%, higher than 5.3%, driven mainly by higher demand for engineering products, products derived from oil, medicines, and clothing.

Exports increased to $ 27.6 billion, while imports contracted 19.6% to $ 30.3 billion, resulting in a trade deficit of $ 2.7 billion, according to data released by the Ministry of Commerce.

Source: LiveMint

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