India's exports dip 5.12% in Oct; trade deficit narrows to $8.71 billion

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

India's exports fell 5.12 per cent to USD 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 USD 8.71 billion as against USD 11.75 billion in the corresponding month a year ago.

Imports also fell 11.53 per cent to USD 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 USD 150.14 billion, while imports fell 36.28 per cent to USD 182.29 billion over the same period a year ago.

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

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