India’s Trade Deficit Narrows In October As Exports, Imports Both Decline
Container ship sits docked at the Jawaharlal Nehru Port, operated by Jawaharlal Nehru Port Trust (JNPT), in Navi Mumbai, Maharashtra, India. (Photographer: Dhiraj Singh/Bloomberg)  

India’s Trade Deficit Narrows In October As Exports, Imports Both Decline

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India’s trade deficit narrowed to $8.71 billion in October 2020 from $11.75 billion a year ago as both exports and imports fell during the month.

After recording positive growth in September, India’s exports fell 5.12% from a year ago to $24.89 billion, due to a drop in shipments of petroleum products, gems and jewellery, leather and engineering goods, according to government data.

Imports also fell 11.53% year-on-year to $33.6 billion in October 2020.

Major export commodities that recorded negative growth were petroleum products (52%), cashew (21.57%), gems and jewellery (21.27%), leather (16.67%), manmade 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.

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