India’s exports dip 5.12% in October; commerce deficit narrows to 48.71 billion


India’s exports dip 5.12% in October; commerce deficit narrows to 48.71 billion

NEW DELHI: India’s exports fell 5.12 percent to $24.89 billion in October, after recording optimistic progress in September, on account of a drop in shipments of petroleum merchandise, gems, and jewelry, leather-based, and engineering items, based on authorities information launched on Friday.
Commerce deficit in October narrowed to $8.71 billion as in opposition to $11.75 billion within the corresponding month a yr in the past.
Imports additionally fell 11.53 percent to $33.6 billion (year-on-year) in October 2020.
Main export commodities that recorded destructive progress in October included petroleum merchandise (52 percent), cashew (21.57 percent), gems and jewelry (21.27 percent), leather-based (16.67 percent), man-made yarn/materials/made-ups (12.Eight percent), digital items (9.four percent), espresso (9.2 percent), marine merchandise (Eight percent) and engineering items (3.75 percent).
Throughout April-October 2020, exports declined 19.02 percent to $150.14 billion, whereas imports fell 36.28 percent to $182.29 billion over the identical interval a yr in the past.
Oil imports dipped 38.52 percent to $5.98 billion in October. Throughout April-October, oil imports declined 49.5 percent to $37.84 billion, the info confirmed.
After contracting for six straight months, India’s exports had risen 5.99 percent to $27.58 billion in September.

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