UPSC Current -India’s exports dip 5.4% in October to USD 24.82 billion, shows govt data

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India’s exports dip 5.4% in October to USD 24.82 billion, shows govt data

Tags: GS 3, economic development

Context:

  • As per commerce & Industry Ministry 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 per cent.

Key Points

  • India’s exports declined 4 per cent to USD 24.82 billion in October due to fall in shipments of sectors like petroleum products, gems and jewellery, and leather
  • Exports during April-October 2020-21 stood at USD 150.07 billion, registering a decline of 19.05 per cent over the same period last year
  • Imports also fell 56 per cent to USD 33.6 billion during October
  • India has a trade deficit of USD 8.78 billion in October 2020 as compared to trade deficit of USD 76 billion in October 2019 has improvement by 25.34 per cent.

Trade Deficit

  • A trade deficit is an amount by which the cost of a country’s imports exceeds its exports.

According to the IMF trade deficits can cause a balance of payments problem, which can affect foreign exchange shortages and hurt countries.

Source: Hindustan Times




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