India’s trade deficit narrows to $8.78 billion, exports dip 5.4% in October

India’s exports declined 5.4 percent to $24.82 billion in October on account of dip in shipments.

   
Indian exports

After recording positive growth in September, India’s exports declined 5.4 percent to $24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Trade deficit in October narrowed to $8.78 billion as against $11.76 billion, as imports also fell 11.56 percent to $33.6 billion during the month under review.

The Commerce and Industry Ministry said in a statement said, “India’s merchandise exports in October 2020 were $24.82 billion, as compared to $26.23 billion in October 2019, showing a fall of 5.4 percent.” Major export commodities which recorded negative growth during October included petroleum products(53.30 percent), cashew (21.57 percent), gems and jewellery (21.27 percent), leather (16.69 percent), man-made yarn/fabrics/made-ups (12.82 percent), electronic goods(9.40 percent), coffee(9.25 percent), marine products(8.09 percent) and engineering goods (3.84 percent).

Sectors which showed positive growth included rice, oil meals, iron ore, oil seeds, carpet, pharmaceuticals, spices, cotton and chemicals. During April-October 2020, exports declined 19.05 percent to $150.07 billion, while imports fell 36.28 percent over the same period last year to $182.29 billion.

Oil imports dipped 38.52 percent to $5.98 billion in October. During April-October, it declined 49.5 percent to $37.84 billion. After contracting for six straight months, India’s exports rose 5.99 percent to $27.58 billion in September. After contracting for six straight months, India’s exports rose 5.99 percent to $27.58 billion in September.






Trending

Feature image - Government to bring structural reforms in mining; aims to increase participation of private sector

Government to bring structural reforms in mining; aims to increase participation of private sector

Large_Scale_Sectors_Industries_Witnessed_Expansion_Despite Pandemic Disruption: American Express India CFO Survey

Industries witnessed expansion despite pandemic: American express India CFO survey

Indian_IT_Services_market_grows_by_5.9_per_cent in first half of 2020: IDC India

Indian IT services market grows by 5.9 per cent in first half of 2020: IDC India

Digital Space to Undergo Massive Shift in Cookieless Era

Digital space to undergo massive shift in cookieless era

New-Automation

The future of work arrives early as Covid-19 accelerates automation

Highlights of finance minister Nirmala Sitharaman’s Aatmanirbhar Bharat stimulus 3.0

FM Sitharaman announces Aatmanirbhar Bharat 3.0 stimulus package worth Rs 2.65 lakh crore

travel industry

Travel in India to boom again with 50 per cent people making plans already: Report

salary hike

87% of Indian companies plan to give salary hike in 2021: Survey

wedding jewellery

Jeweller confidence revives on festive demand hopes for gold

How-Can-CFOs-Drive-Sustainability-in-Businesses

How Can CFOs Drive Sustainability in Businesses?

Bihar economy-2020 brings unemployment on rise, lack of industries drags the growth

Unemployment in Bihar on an all-time high, lack of industries further curtail the economic growth

Indian exports

India’s trade deficit narrows to $8.78 billion, exports dip 5.4% in October