India’s goods exports entered the negative zone after declining by 5.4% to $24.82 billion, getting pulled down by key industrial sectors such as petroleum, electronics, engineering goods, gems & jewelry, leather products, fibers, and yarns.

Exports in September showed an increase of 5.99% to $ 27.58 billion, raising hopes of recovery after a continuous fall of six months, but the second wave of COVID-19 hitting several regions across the world makes the situation uncertain. The goods imports in October 2020 were lowered by 11.56% at $ 33.6 billion leading to a trade deficit of $ 8.78 billion, as compared to a trade deficit of $ 11.76 billion in October 2019, as per preliminary data released by the Commerce Department. Silver, cotton, pulses, transport equipment, and newsprint showed the sharpest decline in imports. Gold import, on the other hand, increased by 35.88% to $ 660 million during the month.

Imports during the first seven months of the fiscal were 36.28% lower than the first seven months of 2019-20 standing at $ 182.29 billion. The top five sectors which recorded export growth in October include rice, cereals, oilseeds, oil meals, and iron ore.