You are here: Home » Economy & Policy » News
Business Standard

India's exports rise 6% to $27.58 bn in Sept, imports decline 19.6%

The trade deficit in September was $2.72 billion, compared to $11.67 billion in the year-ago month

Topics
India exports | imports | trade deficit

Press Trust of India  |  New Delhi 

trade, export, container, import, shipping, sea, business, seafarer, merchan navy
Exports stood at $26.02 billion in September 2019

After contracting for six straight months, India's exports rose 5.99 per cent to $27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments, as per the government data released on Thursday.

Exports stood at $26.02 billion in September 2019.

The country's contracted 19.6 per cent to $30.31 billion in September. It was $37.69 billion in the same month last year.

The narrowed to $2.72 billion, compared to a shortfall of $11.67 billion in the year ago-month.

Gold declined by nearly 53 per cent to $601.43 million in September.

"Exports in September 2020 were $27.58 billion, as compared to $26.02 billion in September 2019, exhibiting a positive growth of 5.99 per cent," the government said in a statement.

During the April-September 2020 period, exports declined by 16.66 per cent to $221.86 billion, while fell 35.43 per cent to $204.12 billion over the same period last year.

Major export commodities that have recorded positive growth during September include iron ore (109.65 per cent at $303.42 million), readymade garments (10.22 per cent at $1.19 billion), rice (93.86 per cent at $725.14 million), and drugs and pharmaceuticals (24.38 per cent at $2.24 billion).

However, outbound shipments of gems and jewellery declined 24.67 per cent and Mica, Coal and other ores, minerals including processed minerals slipped 6.71 per cent.

The data further revealed that non-petroleum and non-gems and jewellery exports in September stood at $21.27 billion, as compared to $19 billion in the same period previous fiscal, registering a growth of 11.94 per cent.

Oil imports dipped 35.88 per cent to $5.83 billion in September. During April-September, it declined 51.14 per cent to $31.86 billion.

"In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 34.08 per cent in September 2020 vis-a-vis September 2019 as per data available from World Bank," the statement said.

Taking merchandise and services together, the overall trade surplus for April-September is estimated at $17.74 billion as compared to the deficit of $49.91 billion in the year-ago period.

The estimated value of services exports for September is $16.34 billion and that of imports is 9.49 billion.

Since March, the country's outbound shipments were recording negative growth due to the Covid-19 pandemic and the resultant fall in global demand.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 15 2020. 19:17 IST
RECOMMENDED FOR YOU
.