Trade deficit narrows to US$ 11.01 billion in October 2019 from US$ 17.13 billion in October 2018India's merchandise exports declined 1.1% to US$ 26.38 billion in October 2019 over a year ago. Meanwhile, merchandise imports also dipped 16.3% to US$ 37.39 billion. The trade deficit narrowed 38.8% to US$ 11.01 billion in October 2019 from US$ 17.13 billion in October 2018.
Oil imports declined 31.7% to US$ 9.63 billion, while the non-oil imports fell 9.2% to US$ 27.76 billion in October 2019 over October 2018. The share of oil imports in total imports was 25.8% in October 2019, compared with 32.2% in October 2018. The price of India's basket of crude oil plunged 25.4% to US$ 59.70 per barrel in October 2019 over October 2018.
Among the non-oil imports, the major contributors to the overall dip in imports were coal, coke & briquettes etc imports declining 28.7% to US$ 1.62 billion, organic & inorganic chemicals 24.4% to US$ 1.61 billion, electronic goods 8.5% to US$ 4.77 billion and transport equipment 14.6% to US$ 1.89 billion, while imports of pearls, precious & semi-precious stones also declined 17.6% to US$ 1.50 billion, non-ferrous metals 16.3% to US$ 1.09 billion, iron & steel 14.3% to US$ 1.27 billion and artificial resins, plastic materials etc 10.5% to US$ 1.21 billion.
Further, the imports of chemical material & products declined 11.1% to US$ 0.61 billion, silver 80.2% to US$ 0.10 billion, metaliferrous ores & other minerals 46.7% to US$ 0.38 billion, dyeing / tanning / coloring materials 21.1% to US$ 0.23 billion and wood & wood products 6.8% to US$ 0.48 billion.
However, the imports have increased for gold by 4.7% to US$ 1.84 billion, vegetable oil 28.0% to US$ 0.95 billion, crude & manufactured fertilizers 86.9% to US$ 0.77 billion and medicinal & pharmaceutical products 35.0% to US$ 0.71 billion in October 2019.
On exports front, the petroleum products recorded a decline in exports by 14.6% to US$ 3.62 billion, followed by rice 29.5% to US$ 0.32 billion, plastic & linoleum 11.0% to US$ 0.64 billion, cotton yarn/fabrics/made-ups, handloom products etc 6.1% to US$ 0.86 billion, and leather & leather products 7.6% to US$ 0.38 billion. The exports also declined for RMG of all textiles by 2.1% to US$ 1.11 billion, meat, dairy & poultry products 5.1% to US$ 0.34 billion, mica, coal & other ores, minerals including processed minerals 4.0% to US$ 0.31 billion, man-made yarn/fabrics/made-ups etc 0.7% to US$ 0.41 billion, and ceramic products & glassware 1.2% to US$ 0.22 billion.
However, the exports moved up for electronic goods by 38.4% to US$ 1.07 billion, gems & jewellery 6.0% to US$ 3.72 billion and drugs & pharmaceuticals 12.6% to US$ 1.70 billion and engineering goods 1.2% to US$ 6.45 billion in October 2019. Further, the exports of iron ore also improved 49.1% to US$ 0.19 billion, marine products 7.8% to US$ 0.74 billion, organic & inorganic chemicals 0.9% to US$ 1.83 billion, handicrafts excluding handmade carpet 7.7% to US$ 0.16 billion, and spices 2.9% to US$ 0.27 billion in October 2019.
Merchandise exports in rupees declined 4.6% to Rs 187382 crore, while imports dipped 19.3% to Rs 265628 crore in October 2019 over October 2018. The trade deficit eased to Rs 78246 crore in October 2019 compared with Rs 126140 crore in October 2018.
India's merchandise exports fell 2.4% to US$ 185.95 billion, while merchandise imports declined 8.0% to US$ 280.67 billion in April-October 2019. The decline in imports was driven by a 12.0% fall in oil imports to US$ 73.93 billion. India's merchandise trade deficit eased to US$ 94.72 billion in April-October 2019 from US$ 113.58 billion in April-October 2018.
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