Exports decline 1.11% in Oct, trade deficit narrows with steep fall in imports

Exports decline 1.11% in Oct, trade deficit narrows with steep fall in imports

India’s exports of goods contracted in October by 1.11%, recording negative growth for the third month in a row. India exported goods worth US $26.38 billion in October, as compared to US $26.67 billion in October 2018.

A significant dip was recorded in shipments of petroleum, carpet, leather products, rice and tea.

In rupee terms, the dip was even lower due to fluctuations in the value of the dollar. 

“Exports were Rs 1,87,382.29 crore in October 2019, as compared to Rs 1,96,406.43 crore in October 2018, registering a negative growth of 4.59%,” data released by the Ministry of Commerce & Industry said.

Out of the 30 key sectors, as many as 18 segments showed negative growth in exports. Shipments of petroleum goods, carpet, leather products, rice and tea contracted by 14.6%, 17%, 7.6%, 29.5% and 6.16% respectively, the government data showed. 

The dip in imports was much higher with a decline of 16.31% to US $37.39 billion in October.

“Imports in October 2019 were US $37.39 billion (Rs 2,65,628.46 crore), which was 16.31% lower in Dollar terms and 19.26% lower in Rupee terms over imports of US $44.68billion (Rs 3,28,973.56 crore) in October 2018,” according to the government data released on Friday.

The trade deficit for October 2019 was estimated at US $11.01 billion as against the deficit of US $18.00 billion in October 2018.

Cumulative value of exports for the period April-October 2019-20 was US $185.95 billion (Rs 13,04,149.06 crore) as against US $190.15billion (Rs 13,17,881.40crore) during the period April-October 2018-19, registering a negative growth of 2.21% in Dollar terms and 1.04% in Rupee terms.

Cumulatively, imports for the period April-October 2019-20 were US $280.67 billion (Rs 19,67,625.73crore), as against US $306.31 billion (Rs 21,23,857.76 crore) during the period April-October 2018-19, registering a negative growth of 8.37% in Dollar terms and 7.36% in Rupee terms.

The trade deficit in April-October 2019-20 narrowed to US $94.72 billion as against US $116.15 billion for the same period last year.

As for services, RBI data showed that services export for October 2019 stood at US $17.22 billion while imports were at US $10.92. 

Services exports in September 2019 were US $17.54 billion (Rs 1,25,090.78 crore), registering a positive growth of 7.05% in dollar terms, vis-à-vis September 2018. 

Services imports in September 2019 were US $11.10 billion (Rs 79,151.87 crore), registering a positive growth of 11.56% in dollar terms, vis-à-vis September 2018.

Source : https://www.dnaindia.com/

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