The merchandise exports by India in October 2020 stood at USD 24.82 billion, while imports were at USD 33.6 billion, therefore resulting in a trade deficit of USD 8.78 billion, said the Ministry of Commerce and Industry here on Tuesday.
As per the Ministry, the merchandise exports in October 2020, USD 24.82 billion, have witnessed a fall of 5.4 per cent as compared to the figures from the corresponding month in the last year, USD 26.23 billion.
Further imports in October 2020, USD 33.6 billion, have also seen a decline of 11.56 per cent from the USD 37.99 per cent figures for the same month last year.
“India is thus a net importer in October 2020, with a trade deficit of USD 8.78 billion, as compared to a trade deficit of USD 11.76 billion – improvement by 25.34 per cent,” the ministry said.
The value of non-petroleum and non-gems and jewellery exports rose last month to USD 20.28 billion, as compared to USD 19.07 billion last year, reflecting a positive growth of 6.34 per cent.
Non-oil, non-gold, silver and precious metals imports were USD 22.83 billion in October 2020, which shows a negative growth from the figure of USD 24.9 billion in the corresponding month last year.
The top five commodities whose exports recorded positive growth during last month, as compared to the last year’s figures, are cereals, rice, oil meals, iron ore and oilseeds.
On the other hand, commodities which reflected a fall in imports as compared to October 2019 figures are silver, newsprint, cotton raw and waste, pulses and transport equipment.
The ministry further said, “Exports during April-October 2020-21 were USD 150.07 billion, exhibiting a decline of 19.05 per cent over the same period last year.”
“Merchandise imports during April-October 2020-21 were USD 182.29 billion, as compared to USD 286.07 billion during the same period last year, exhibiting a negative growth of 36.28 per cent,” it added.
In October 2020, oil imports were USD 5.98 billion, as compared to USD 9.73 billion in October 2019, a decline by 38.52 per cent. Oil imports in April-October 2020-21 were USD 37.84 billion, as compared to USD 74.93 billion, showing a decline of 49.5 per cent.