After recording positive growth in September, India’s exports declined 5.4 per cent to USD 24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods.
Trade deficit in October narrowed to USD 8.78 billion as against USD 11.76 billion, as imports also fell 11.56 per cent to USD 33.6 billion during the month under review.
Major export commodities which recorded negative growth during October included petroleum products (53.30 per cent), cashew (21.57 per cent), gems and jewellery (21.27 per cent), leather (16.69 per cent), man-made yarn/fabrics/made-ups (12.82 per cent), electronic goods (9.40 per cent), coffee (9.25 per cent), marine products (8.09 per cent) and engineering goods (3.84 per cent).
Sectors which showed positive growth included rice, oil meals, iron ore, oil seeds, carpet, pharmaceuticals, spices, cotton and chemicals.
Oil imports dipped 38.52 per cent to USD 5.98 billion in October. During April-October, it declined 49.5 per cent to USD 37.84 billion.
After contracting for six straight months, India’s exports rose 5.99 per cent to USD 27.58 billion in September.
Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said the nominal decline in exports during the month was mainly because of huge container shortage and hike in sea freight, which upset exports, particularly for those who have negotiated on CIF (Cost, Insurance, Freight) or C&F (Cost and Freight) basis.
