Exports rise by 6% in September

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SME Times News Bureau | 15 Oct, 2020
India's merchandise exports in September rose by 5.99 per cent on a year-on-year basis, official data showed on Thursday.

The country shipped out merchandise worth $27.58 billion during the month under review as against $26.02 billion exported in the same period of the previous year.

In terms of sequential movement, the country's merchandise exports in August stood at $22.70 billion.

The contraction caused by the Covid-19 pandemic had widened during August at (-) 12.66 per cent from (-) 10.12 per cent in July and (-) 12.41 per cent in June.

"Non-petroleum and Non-Gems and Jewellery exports in September 2020 were $21.27 billion, as compared to $19.00 billion in September 2019, registering a positive growth of 11.94 per cent," the Ministry of Commerce and Industry said in a statement.

"Major commodities or commodity groups which have recorded positive growth during September 2020 vis-a-vis September 2019 are 'Other cereals, Iron Ore, Rice, Oilmeal, Carpet, Ceramic products & glassware, Oil seeds, Cereal preparations & miscellaneous processed items, Drugs & pharmaceuticals'...."

India's imports declined, falling by (-) 19.60 per cent to $30.31 billion in September from $37.69 billion reported for the corresponding month of 2019.

In August, imports declined by (-) 26.04 per cent to $29.47 billion from $39.85 billion reported for the corresponding month of 2019.

"Oil imports in September 2020 were $5.83 billion, which was 35.88 percent lower in Dollar terms, compared to $9.09 billion in September 2019," the statement said.

"Non-oil imports in September 2020 were estimated at $24.48 billion which was 14.43 per cent lower in Dollar terms compared to $28.61 billion in September 2019."

As per the statement, 'Non-Oil and Non-Gold' imports were $23.88 billion in September 2020, recording a negative growth of (-) 12.63 per cent, as compared to $27.33 billion in September 2019.

Consequently, India's trade deficit narrowed to $2.72 billion on a year-on-year basis in September from $11.67 billion reported for the corresponding month of last year.

The trade deficit had narrowed to $6.77 billion on a year-on-year basis in August from $13.86 billion reported for the corresponding month of last year.