Oct merchandise exports down; imports fall over 16% YoY

New Delhi, Nov 15 (IANS) 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.
--IANS rv/rs