NEW DELHI: India's outbound shipments rose six per cent to USD 27.58 billion in September, when compared to USD 26.02 billion registered in September 2019, showed data released by the commerce ministry on Thursday.
The rise in exports was driven mostly by an increase in demand for petroleum products, pharmaceuticals, engineering goods and garments. In rupee terms, exports were Rs 2.2 lakh crore in September 2020, as compared to Rs 1.85 lakh crore in last year, registering a growth of 9.19 per cent.
Imports, on the other hand, contracted 19.6 per cent on the back of falling crude prices, resulting in a trade deficit of USD 2.7 billion compared to USD 11.67 billion last year in September. Imports stood at USD 30.31 billion, the data showed.Thursday’s figures are in line with the provisional data released earlier.
According to Aditi Nayar, Principal Economist, ICRA, the reasonably broad-based pickup in merchandise exports in September has come as a relief. "The pace of contraction in merchandise imports has eased, but significantly lags the performance of exports, suggesting continued concerns regarding the strength of
domestic demand," she said.
Major export commodities that have recorded positive growth include iron ore (109.65 per cent,readymade garments (10.22 per cent), rice (93.86 per cent), and pharmaceuticals (24.38 per cent). However, exports of cashew (- 44.25 per cent) and gems & jewellery (- 24.67 per cent) declined significantly last month.
Oil imports in September were USD 5.83 billion which was 35.88 per cent lower compared to USD 9.09 billion in September 2019. Global Brent price (USD/bbl) has decreased by 34.08 per cent year-on-year in September. Data also showed that total exports were 21.32 per cent lower, while imports in April-September period were 40.06 per cent lower at USD 148.69 billion.
USD 125.25 billion: Total exports for April-September 2020-21
USD 23.44 billion: Trade deficit in April-September 2020-21
Published On : 16-10-2020
Source : The New Indian Express