New Delhi, Nov 15 : Global slowdown amidst weak domestic demand dipped India’s merchandise exports as well as imports in October on a year-on-year basis.
As per the data furnished by the Ministry of Commerce & Industry, October exports were marginally down to $26.38 billion from $26.67 billion reported for the corresponding period of the previous year.
However, on a sequential basis, exports were higher than $26.03 billion worth of merchandises that were shipped out in September.
“Non-petroleum and non-gems and jewellery exports in October were $19.04 billion, as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59 per cent,” the ministry said in a statement.
On the other hand, imports declined by 16.31 per cent to $37.39 billion in October from $44.68 billion reported for the corresponding month of 2018.
“Oil imports in October 2019 were $9.63 billion, which was 31.74 per cent lower in dollar terms, compared to $14.11 billion in October 2018,” the ministry said.
“Non-oil imports in October 2019 were estimated at $27.76 billion which was 9.19 per cent lower in dollar terms, compared to $30.57 billion in October 2018.”
According to the ministry data, non-oil and non-gold imports declined by 10.04 per cent to $25.92 billion in October 2019 from $28.82 billion in October 2018.
Consequently, the trade deficit in October narrowed to $11.01 billion as against the deficit of $18 billion in the corresponding period of 2018.