INDIA’S MERCHANDISE TRADE: Preliminary Data, October 2020

India’s merchandise exports in October 2020 were USD 24.82 billion, as compared to USD 26.23 billion in October 2019, a fall of 5.4%.

India’s merchandise imports in October 2020 were USD 33.6 billion, as compared to USD 37.99 billion in October 2019, a decline of 11.56%.

India is thus a net importer in October 2020, with a trade deficit of USD 8.78 billion, as compared to trade deficit of USD 11.76 billion-Improvement by 25.34%.

Value of non-petroleum and non-gems and jewellery exports in October 2020 was USD 20.28 billion, as compared to USD 19.07 billion in October 2019, a positive growth of 6.34%.

Non-oil, non-GJ (gold, silver & Precious metals) imports were USD 22.83 billion in October 2020, as compared to USD 24.9 billion in October 2019, a negative growth of 8.31%.

Top 5 commodities of export which recorded positive growth during October 2020 vis-à-vis October 2019 are: Other Cereals (369.30%), Rice (112.15%), Oil meals (76.62%), Iron Ore (73.89%), Oil Seeds (54.06%).

Top 5 commodity groups of import showing a fall in October 2020 over the corresponding month of last year are: Silver (-90.54%), Newsprint (-79.99%), Cotton Raw and Waste (-77.40%), Pulses(-65.15%), Transport equipment (-56.32%).

India’s merchandise exports in October 2020 were USD 24.82 billion, as compared to USD 26.23 billion in October 2019, showing a fall of 5.4%. Exports during April-October 2020-21 were USD 150.07 billion, exhibiting a decline of 19.05% over the same period last year.

The value of India’s merchandise imports in October 2020 was USD 33.6 billion, as compared to USD 37.99 billion in October 2019, a decline of 11.56%. Merchandise imports during April-October 2020-21 were USD 182.29 billion, as compared to USD 286.07 billion during the same period last year, exhibiting a negative growth of 36.28%.

India was thus a net importer in October 2020, with a trade deficit of USD 8.78 billion, as compared to trade deficit of USD 11.76 billion, an improvement by 25.34%.

In October 2020, the value of non-petroleum exports was USD 23.21 billion, registering a positive growth of 1.84% over October 2019. The value of non-petroleum and non-gems and jewellery exports in October 2020 was USD 20.28 billion, as compared to USD 19.07 billion in October 2019, registering a positive growth of 6.34%. The cumulative value of non-petroleum and non-gems and jewellery exports in April-October 2020-21 was USD 124.79 billion, as compared to USD 137.72 billion for the corresponding period in 2019-20, exhibiting a decrease of 9.39%.

In October 2020, Oil imports were USD 5.98 billion, as compared to USD 9.73 billion in October 2019, a decline by 38.52%. Oil imports in April-October 2020-21 were USD 37.84 billion, as compared to USD 74.93 billion, showing a decline of 49.5%.

Non-oil imports in October 2020 were estimated at USD 27.62 billion, as compared to USD 28.26 billion in October 2019, showing a decline of 2.26%. Non-oil imports in April-October 2020-21 were USD 144.45 billion, as compared to USD 211.14 billion, registering a decline of 31.59% during the same period of the last year.

Non-oil, non-GJ (gold, silver &Precious metals) imports were USD 22.83 billion in October 2020, recording a negative growth of 8.31%, as compared to non-oil and non-gold imports of USD 24.9 billion in October 2019. Non-oil and non-gold imports were USD 126.97 billion in April-October 2020-21, recording a negative growth of 29.28%, as compared to non-oil and non-gold imports of USD 179.55 billion in April-October 2019-20.

Major commodities of export which have recorded positive growth during October 2020 vis-à-vis October 2019 are: Other cereals (369.30%), Rice (112.15%), Oil meals (76.62%), Iron ore (73.89%), Oil seeds (54.06%), Carpet (37.67%), Cereal preparations and miscellaneous processed item (36.13%), Ceramic products and glassware (34.62%), Drugs and pharmaceuticals (21.82%), Spices (21.61%), Jute mfg. Including floor covering (18.76%), Meat, dairy and poultry products (16.65%), Handicrafts excl. Handmade carpet (11.37%), Fruits and vegetables (8.92%), Mica, coal and other ores, minerals including process (7.68%), Cotton yarn/fabrics/made-ups, handloom products etc. (6.52%), RMG of all textiles (6.31%), Tobacco (4.34%), Organic and inorganic chemicals (1.91%), Tea (0.14%).

Major commodities of export which have recorded negative growth during October 2020 vis-à-vis October 2019 are Petroleum products (53.30%), Cashew (21.57%), Gems and jewellery (21.27%), Leather and leather manufactures (16.69%), Man-made yarn/fabrics/made-ups etc. (12.82%), Electronic goods (9.40%), Coffee (9.25%), Marine products (8.09%), Plastic and linoleum (6.88%), Engineering goods (3.84%).

Major commodity groups of import showing positive growth in October 2020 over the corresponding month of last year are: Pearls, precious & Semi-precious stones (50.47%), Fertilizers, Crude & manufactured (46.25%), Gold (35.88%), Sulphur & Unroasted Iron Pyrites (32.09%), Project goods (28.75%), Fruits & vegetables (22.81%), Electronic goods (16.12%), Medcnl. & Pharmaceutical products (13.33%), Vegetable Oil (7.29%), Metaliferrous ores & other minerals (4.80%), Chemical material & products (2.00%.

Major commodity groups of import showing negative growth in October 2020 over the corresponding month of last year are: Silver (90.54%), Newsprint (79.99%), Cotton Raw & Waste (77.40%), Pulses (65.15%), Transport equipment (56.32%), Leather & leather products (41.37%), Petroleum, Crude & products (38.52%), Pulp and Waste paper (29.88%), Machine tools (29.62%), Wood & Wood products (26.51%), Textile yarn Fabric, made-up articles (25.13%), Iron & Steel (22.32%), Machinery, electrical & non-electrical (15.63%), Professional instrument, Optical goods, etc. (11.95%), Artificial resins, plastic materials, etc. (7.53%), Coal, Coke & Briquettes, etc. (6.50%), Organic & Inorganic Chemicals (2.89%), Non-ferrous metals (2.26%), Dyeing/tanning/colouring materials (0.46%).

MERCHANDISE TRADE: Preliminary Data, October 2020

Summary Value in USD Billion

	Total			Non-Petroleum			Non- Petroleum and Non-Gems &Jewellery
	2019-20	2020-21	% change	2019-20	2020-21	% change	2019-20	2020-21	% change
Exports	26.23	24.82	-5.40	22.79	23.21	1.84	19.07	20.28	6.34
Imports	37.99	33.60	-11.56	28.26	27.62	-2.26	24.90	22.83	-8.31
Deficit	11.76	8.78	-25.34	5.47	4.41	-19.38	5.83	2.55	-56.26

Change by top Commodity Groups

Value in USD Million

	Top Increase in October 2020 as compared to October 2019			Top Decline in October 2020 as compared to October 2019
	Commodity group	Change in value	% change	Commodity group	Change in value	% change
Export	Drugs And Pharmaceuticals	372.05	21.82	Petroleum Products	-1835.58	-53.30
	Rice	359.82	112.15	Gems And Jewellery	-790.40	-21.27
	Organic And Inorganic Chemicals	143.85	73.89	Leather And Leather Manufacturers	-248.07	-3.84
Import	Electronic Goods	768.69	16.12	Petroleum, Crude & Products	-3747.66	-38.52
	Pearls, Precious & Semi-Precious Stones	768.48	50.47	Transport Equipment	-1459.42	-56.32
	Gold	660.15	35.88	Machinery, Electrical & Non-Electrical	-462.62	-15.63

 

Merchandise trade shows narrower deficit as exports decline less than imports, non petroleum exports post modest gains. October 2020 merchandise trade data show exports declined year on year while imports fell by a larger percentage, narrowing the monthly trade deficit. Non petroleum and non petroleum/non gems & jewellery exports recorded positive growth for the month, but cumulative April-October 2020 21 figures show declines in exports and a sharper contraction in imports, driven notably by reduced oil imports and falls in several import commodity groups.