Post Date : October 16, 2020
India’s exports rose 5.99 per cent to $27.58 billion in September after contracting for six straight months, as per the government data released on Thursday.Exports stood at $26.02 billion in September 2019.
This rise can be attributed to the growth in shipments of drugs and pharmaceuticals and readymade garments.
Imports contracted 19.6 per cent to $30.31 billion in September, whereas it was $37.69 billion in the same month last year.
Gold imports declined by nearly 53 per cent to $601.43 million in September.
The trade deficit reached close to $2.72 billion, in comparison to a shortfall of $11.67 billion in the year ago-month.
“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.
Exports contracted by 16.66 per cent to $221.86 billion during the April-September 2020 period, whereas imports fell 35.43 percent to $204.12 billion over the same period last year.
Among major export commodities that have recorded positive growth during September are 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).
Outbound shipments of gems and jewellery, however, contracted 24.67 per cent and Mica, Coal and other ores, minerals including processed minerals declined by 6.71 per cent.
The data also showed how non-petroleum and non-gems and jewellery exports in September stood at $21.27 billion, in contrast 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, whereas during the April-September period, 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.
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, taking merchandise and services together.
Ever since the pandemic gained momentum and the lockdown was imposed in March, the country’s outbound shipments were recording negative growth, also due to the resultant fall in global demand.
The estimated value of services exports for September is $16.34 billion and that of imports is 9.49 billion.