India’s merchandise exports increased on a y-o-y basis by 6 per cent to USD 27.6 billion in September 2020, as per the data released by the Ministry of Commerce and Industry. Among the major export commodities, rice recorded a rise of 93.9 per cent, drugs & pharmaceuticals of 24.4 per cent and iron ore of 109.7 per cent. Exports of petroleum products rose by 5.1 per cent and that of gems & jewellery fell by 24.7 per cent.
India’s import bill decreased y-o-y by 19.6 per cent to USD 30.3 billion in September 2020. Crude oil imports fell by 35.9 per cent while non-oil imports declined by 14.4 per cent. The non-oil commodities that recorded a fall in imports include transport equipments (-47.1 per cent), electrical and non-electrical machinery (-36.8 per cent), pearls, precious & semi-precious stones (-4.9 per cent) and leather products (-43.8 per cent). Gold imports fell by 52.9 per cent.
Trade deficit in September 2020 narrowed to USD 2.7 billion from USD 11.7 billion in the year-ago month.