Exports dip 5.12% in Oct; trade deficit narrows

India's exports fell 5.12 per cent 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 in the corresponding month a year ago.

Imports also fell 11.53 per cent to $33.6 billion (year-on-year) in October 2020.

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

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

Oil imports dipped 38.52 per cent to $5.98 billion in October.

During April-October, oil imports declined 49.5 per cent to $37.84 billion, the data showed.

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

Photograph: Reuters