Trade deficit down to USD 3.15 bn in May month
By TIOL News Service
NEW DELHI, JUNE 16, 2020: INDIA'S overall exports in April-May 2020-21 are estimated to be USD 61.57 billion, exhibiting a negative growth of (-) 33.66 per cent over the same period last year. Overall imports in April-May 2020-21 are estimated to be USD 57.19 billion, exhibiting a negative growth of (-) 48.31 per cent over the same period last year.
EXPORTS (including re-exports)
- Exports in May 2020 were USD 19.05 billion, as compared to USD 29.99 billion in May 2019, exhibiting a negative growth of (-)36.47per cent. In Rupee terms, exports were Rs. 1,44,166.01crore in May2020, as compared to Rs. 2,09,280.62crore in May2019, registering a negative growth of (-) 31.11per cent.
- Except for Iron ore, Drugs & pharmaceuticals, Spices and Rice which registered a growth of 103.04%, 17.32%,10.55% and 7.64% respectively, all other commodity/commodity groups have registered negative growth in May 2020 vis-a-vis May 2019.
- Major commodity groups which have recorded negative growth during May 2020 vis-à-vis May 2019 are Leather & leather products (-75.07%), Handicrafts excl. hand made carpet(-72.77%), Gems & jewellery (-68.83%), Petroleum products (-68.46%), RMG of all Textiles (-66.19%), Jute mfg. including floor covering (-65.7%), Man-made yarn/fabs./made-ups etc. (-58.63%), Meat, dairy & poultry products (-56.38%), Other cereals (-49.53%), Cotton yarn/fabs./made-ups, handloom products etc. (-47.47%), Carpet (-46.18%), Electronic goods (-45.35%), Mica, Coal & other ores, minerals including processed minerals (-35.57%), Ceramic products & glassware (-33.48%), Cashew (-32.86%), Tea (-26.94%), Engineering goods (-24.25%), Oil Meals (-22.76%), Oil seeds (-18.41%), Marine products (-18.14%), Cereal preparations & miscellaneous processed items (-17.44%), Tobacco (-13.75%), Organic & inorganic chemicals (-12.71%), Plastic & Linoleum (-6.55%), Coffee (-5.71%) and Fruits & vegetables (-1.31%).
- Cumulative value of exports for the period April-May 2020-21 was USD29.41 billion (Rs.2,23,117.42crore) as against USD56.07billion (Rs.3,90,301.96crore) during the period April-May 2019-20, registering a negative growth of (-)47.54per cent in Dollar terms (negative growth of (-)42.83per cent in Rupee terms).
- Non-petroleum and Non-Gems and Jewellery exports in May 2020 were USD16.36billion, as compared to USD21.42billion in May2019, exhibiting a negative growth of (-) 23.61per cent. Non-petroleum and Non-Gems and Jewellery exports in April-May 2020-21 were USD25.44billion, as compared to USD40.96billion for the corresponding period in 2019-20, a decrease of (-) 37.89 per cent.
IMPORTS
- Imports in May2020 were USD 22.20 billion (Rs 1,67,977.68 crore), which was 51.05 per cent lower in Dollar terms and 46.92 per cent lower in Rupee terms over imports of USD 45.35 billion (Rs 3,16,448.93 crore) in May 2019. Cumulative value of imports for the period April-May 2020-21 was USD39.32 billion (Rs. 2,98,502.76 crore), as against USD 86.75 billion (Rs. 6,03,881.86 crore) during the period April-May 2019-20, registering a negative growth of (-)54.67per cent in Dollar terms (negative growth of (-)50.57per cent in Rupee terms).
- Major commodity groups of import showing negative growth in May 2020 over the corresponding month of last year are:
TRADE IN SERVICES
- As per the latest press release by RBI dated 15 th June 2020, exports in April 2020 were USD 16.45 billion (Rs. 125,409.04 crore) registering a negative growth of (-) 8.92 per cent in dollar terms, vis-à-vis April 2019. The estimated value of services export for May 2020 is USD 15.70 billion.
IMPORTS (Payments)
- As per the latest press release by RBI dated 15 th June 2020, imports in April 2020 were USD 9.30 billion (Rs. 70,907.57crore) registering a negative growth of (-)18.43 per cent in dollar terms, vis-à-vis April2019. The estimated value of service import for May2020* is USD 8.57 billion.
TRADE BALANCE
- MERCHANDISE : The trade deficit for May 2020 was estimated at USD 3.15 billion as against the deficit of USD 15.36 billion in May2019.
- SERVICES : As per RBI's Press Release dated 15 th June 2020, the trade balance in Services (i.e. Net Services export) for April 2020 is estimated at USD7.15 billion.
- OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April-May 2020-21* is estimated at USD4.37 billion as compared to the deficit of USD17.84 billion in April-May 2019-20.
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