Exports for October fall by 5.12 per cent, trade deficit narrowed

Exports for the month dropped to$24.89 billion due to drop in shioments of various items and the trade deficit was also reduced thanks to decreased imports.

India’s exports fell 5.12% to $24.89 billion in October after recording positive growth in September, on account of drop in shipments of petroleum products, gems and jewellery, leather and engineering goods, according to government data released on Friday.

Trade deficit in October narrowed to $8.71 billion as against $11.75 billion, as imports also fell by 11.53% to $33.6 billion during the month under review. (Bloomberg photo)

Trade deficit in October narrowed to $8.71 billion as against $11.75 billion, as imports also fell by 11.53% to $33.6 billion during the month under review.

Major export commodities that recorded negative growth in October included petroleum products (52%), cashew (21.57%), gems and jewellery (21.27%), leather (16.67%), man-made yarn/fabrics/made-ups (12.8%), electronic goods (9.4%), coffee (9.2%), marine products (8%) and engineering goods (3.75%).

During April-October 2020, exports declined 19.02% to $150.14 billion, while imports fell 36.28% to $182.29 billion over the same period a year ago.

Oil imports dipped 38.52% to $5.98 billion in October. During April-October, oil imports declined 49.5% to $37.84 billion, the data showed.

After contracting for six straight months, India's exports had risen 5.99% to $27.58 billion in September.