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New Delhi, June 15, 2020
India's merchandise exports, hit hard by the lockdown imposed to contain the coronavirus (COVID-19) pandemic and other factors, dipped by 36% to $ 19.05 billion in May 2019 as compared to $ 29.99 billion in the same month of last year.
In rupee terms, the exports fell by 31.11% to Rs. 1,44,166.01crore in May 2020, as compared to Rs. 2,09,280.62 crore in May 2019, an official press release said.
The release said that, 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 registered negative growth in May 2020 vis-a-vis May 2019.
Major commodity groups which recorded negative growth during May 2020 are Leather & leather products (-75.07%), Handicrafts excluding 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%).
The cumulative value of exports for the period April-May 2020-21 was $ 29.41 billion (Rs. 2,23,117.42 crore) as against $ 56.07 billion (Rs. 3,90,301.96 crore) during the period April-May 2019-20, registering a negative growth of (-) 47.54$ in dollar terms (negative growth of (-) 42.83% in rupee terms).
Non-petroleum and non-gems and jewellery exports in May 2020 were $ 16.36 billion, as compared to $ 21.42 billion in May 2019, exhibiting a negative growth of (-) 23.61%. Non-petroleum and non-gems and jewellery exports in April-May 2020-21 were $ 25.44 billion, as compared to $ 40.96 billion for the corresponding period in 2019-20, a decrease of (-) 37.89 per cent.
According to the release, imports in May 2020 were $ 22.20 billion (Rs. 1,67,977.68 crore), which was 51.05% lower in dollar terms and 46.92% lower in rupee terms as compared to $ 45.35 billion (Rs 3,16,448.93 crore) in May 2019.
The cumulative value of imports for the period April-May 2020-21 was $ 39.32 billion (Rs. 2,98,502.76 crore), as against $ 86.75 billion (Rs. 6,03,881.86 crore) during the period April-May 2019-20, registering a negative growth of (-) 54.67% in dollar terms (negative growth of (-) 50.57per cent in rupee terms.
Oil imports in May 2020 were $ 3.49 billion (Rs. 26,380.50 crore), which was 71.98% lower in dollar terms (69.62% lower in rupee terms), compared to $ 12.44 billion (Rs. 86,822.36 crore) in May 2019. Oil imports in April-May 2020-21 were $ 8.15 billion (Rs. 61,917.72 crore) which was 65.79% lower in dollar terms (62.66% lower in rupee terms) compared to $ 23.82 billion (Rs. 1,65,811.82 crore), compared to the same period last year.
The global Brent price ($/bbl) decreased by 56.02% in May2020 vis-à-vis May2019 as per data available from World Bank, the release pointed out.
Non-oil imports in May 2020 were estimated at $ 18.71 billion (Rs. 1,41,597.18 crore) which was 43.13% lower in dollar terms (38.34%lower in rupee terms), compared to $ 32.91 billion (Rs. 2,29,626.57 crore) in May 2019. Non-oil imports in April-May 2020-21 were $ 31.17 billion (Rs. 2,36,585.04 crore) which was 50.46% lower in dollar terms (45.99% lower in rupee terms), compared to $ 62.93 billion (Rs. 4,38,070.04 crore) in April-May 2019-20.
Non-oil and non-gold imports were $ 64 billion in May 2020, recording a negative growth of (-) 33.74%, as compared to non-oil and non-gold imports of $ 28.13billion in May 2019. Non-oil and non-gold imports were $ 31.10 billion in April-May 2020-21, recording a negative growth of (-) 42.61%, as compared to non-oil and non-gold imports of $ 54.18 billion in April-May 2019-20.
As far as trade in services was concerned, exports in April 2020, the latest month for which data is available from the Reserve Bank of India (RBI), were $ 16.45 billion (Rs. 125,409.04 crore), registering a negative growth of (-) 8.92 per cent in dollar terms, vis-à-vis April2019. The estimated value of services export for May2020 is $ 15.70 billion, the release said.
Imports of services in April 2020 were $ 9.30 billion (Rs. 70,907.57 crore), registering a negative growth of (-)18.43% in dollar terms, vis-à-vis April 2019. The estimated value of service import for May2020 is $ 8.57 billion.
The trade deficit for May 2020 was estimated at $ 3.15 billion as against the deficit of $ 15.36 billion in May2019. The trade balance in services for April 2020 is estimated at $ 7.15 billion.
Taking merchandise and services together, overall trade surplus for April-May 2020-21 is estimated at $ 4.37 billion as compared to the deficit of $ 17.84 billion in April-May 2019-20, the release added.