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India's trade deficit goes beyond USD 70 billion

 

By TIOL News Service

NEW DELHI, APR 16, 2020: INDIA's overall exports (Merchandise and Services combined) in April-March2019-20 are estimated to be USD 528.45 billion, exhibiting a negative growth of (-) 1.36 per cent over the same period last year. Overall imports in April-March 2019-20* are estimated to be USD 598.61 billion, exhibiting a negative growth of (-) 6.33 per cent over the same period last year.

Exports in March2020 were USD 21.41 billion, as compared to USD 32.72 billion in March 2019, exhibiting a negative growth of (-) 34.57 per cent. In Rupee terms, exports were Rs 1,59,157.98 crore in March 2020, as compared to Rs 2,27,318.25 crore in March 2019, registering a negative growth of (-) 29.98 per cent. The decline in exports has been mainly due to the ongoing global slowdown, which got aggravated due to the current Covid-19 crisis. The latter resulted in large scale disruptions in supply chainsand demand resulting in cancellation of orders.

Except for Iron ore, which registered a growth of 58.43%, all other commodity/commodity groups have registered negative growth in March 2020 vis-a-vs March 2019.

Imports in March 2020 were USD 31.16 billion (Rs 2,31,710.92 crore), which was 28.72 per cent lower in Dollar terms and 23.72 per cent lower in Rupee terms over imports of USD 43.72 billion (Rs 3,03,753.76 crore) in March 2019. Cumulative value of imports for the period April-March 2019-20 was USD 467.19 billion (Rs 33,07,977.05 crore), as against USD 514.08 billion (Rs.35,94,674.61 crore) during the period April-March 2018-19, registering a negative growth of  (-) 9.12 per cent in Dollar terms (negative growth of (-)7.98 per cent in Rupee terms).

As per the latest press release by RBI dated April 15, 2020, exports in February 2020 were USD 17.73 billion (Rs. 1,26,713.37crore) registering a positive growth of 6.88 per cent in dollar terms, vis-à-vis February 2019. The estimated value of services export for March 2020 is USD 17.69 billion.

As per the latest press release by RBI dated 15th April 2020, imports in February 2020 were USD 11.07 billion (Rs 79,116.32 crore) registering a positive growth of 12.82 per cent in dollar terms, vis-à-vis February 2019. The estimated value of service import for March 2020 is USD 10.97 billion.

MERCHANDISE: The trade deficit for March 2020 was estimated at USD 9.76 billion as against the deficit of USD 11 billion in March 2019.

SERVICES: As per RBI’s Press Release dated 15th April 2020, the trade balance in Services (i.e. Net Services export) for February 2020 is estimated at USD 6.66 billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-March 2019-20 is estimated at USD 70.16 billion as compared to USD 103.32 billion in April-March 2018-19.


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