India’s overall exports (Merchandise and Services combined) in April-June2019-20* are estimated to be USD 137.26billion, exhibiting a positive growth of 3.14per cent over the same period last year. Overall imports in April-June 2019-20* are estimated to be USD 164.50billion, exhibiting a positive growth of 3.57per cent over the same period last year.
I. MERCHANDISE TRADE
EXPORTS (including re-exports)
Exports in June 2019 were USD25.01billion, as compared to USD27.70billion in June 2018, exhibiting a negative growth of 9.71per cent. In Rupee terms, exports were Rs. 1,73,682.55crore in June 2019, as compared to Rs. 1,87,800.20crore in June 2018, registering a negative growth of 7.52per cent.
In June 2019, major commodity groups of export showing positive growth over the corresponding month of last year are
Cumulative value of exports for the period April-June 2019-20 was USD81.08billion (Rs.5,63,984.51crore) as against USD82.47billion (Rs.5,52,781.61crore) during the period April-June 2018-19, registering a negative growth of 1.69per cent in Dollar terms (positive growth of 2.03per cent in Rupee terms).
Non-petroleum and Non Gems and Jewellery exports in June 2019 were USD19.15billion, as compared to USD20.13billion in June 2018, exhibiting a negative growth of 4.86per cent. Non-petroleum and Non Gems and Jewellery exports in April-June 2019-20 were USD60.10billion, as compared to USD59.86billion for the corresponding period in 2018-19, an increase of 0.40per cent.
Imports in June 2019 were USD40.29billion (Rs. 2,79,771.07crore), which was 9.06per cent lower in Dollar terms and 6.85per cent lower in Rupee terms over imports of USD44.30billion (Rs.3,00,351.83crore) in June 2018. Cumulative value of imports for the period April-June 2019-20 was USD127.04billion (Rs.8,83,652.93crore), as against USD127.41billion (Rs.8,54,096.98crore) during the period April-June 2018-19, registering a negative growth of 0.29per cent in Dollar terms (positive growth of 3.46per cent in Rupee terms).
Major commodity groups of import showing negative growth in June 2019 over the corresponding month of last year are:
CRUDE OIL AND NON-OIL IMPORTS:
Oil imports in June 2019 were USD11.03billion (Rs. 76,586.73crore), which was 13.33 percent lower in Dollar terms (11.23percent lower in Rupee terms), compared to USD12.73billion (Rs. 86,270.79crore) in June 2018. Oil imports in April-June 2019-20 were USD34.85billion (Rs. 2,42,398.55crore) which was 0.62per cent higher in Dollar terms (4.36percent higher in Rupee terms) compared to USD34.64billion (Rs. 2,32,269.14crore), over the same period last year.
In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 15.81% in June 2019 vis-à-vis June 2018 as per data available from World Bank (Pink Sheet).
Non-oil imports inJune 2019 were estimated at USD29.26 billion (Rs. 2,03,184.34crore) which was 7.34per cent lower in Dollar terms (5.09percent lower in Rupee terms), compared to USD31.58billion (Rs. 2,14,081.04crore) in June 2018. Non-oil imports in April-June 2019-20 were USD92.19billion (Rs. 6,41,254.38crore) which was 0.62per cent lower in Dollar terms (3.12percent higher in Rupee terms), compared to USD92.77 billion (Rs. 6,21,827.84crore) in April-June2018-19.
Non-Oil and Non-Gold imports wereUSD26.57billion in June 2019, recording a negative growth of 9.00per cent, as compared to Non-Oil and Non-Gold imports of USD 29.19billion in June 2018. Non-Oil and Non-Gold imports wereUSD80.75billion in April-June 2019-20, recording a negative growth of 4.25per cent, as compared to Non-Oil and Non-Gold imports USD 84.33billion in April-June 2018-19.
II. TRADE IN SERVICES
As per the latest press release by RBI dated 15th July 2019, exports in May 2019 were USD 18.68 billion (Rs. 1,30,329.17 crore) registering a positive growth of 15.49 percent in dollar terms, vis-à-vis May 2018. The estimated value of services export for June 2019* is USD 19.44 billion.
As per the latest press release by RBI dated 15th July 2019, imports in May 2019 were USD 12.49 billion (Rs. 87,160.56 crores) registering a positive growth of 22.37 percent in dollar terms, vis-à-vis May 2018. The estimated value of service Import for June 2019* is USD 13.56 billion.
MERCHANDISE: The trade deficit for June 2019 was estimated at USD15.28billion as against the deficit of USD16.60billion in June 2018.
SERVICES: As per RBI’s Press Release dated 15th July 2019, the trade balance in Services (i.e. Net Services export) for May 2019 is estimated at USD6.19billion.
OVERALL TRADE BALANCE: Taking merchandise and services together, the overall trade deficit for April-June 2019-20* is estimated at USD27.24billion as compared to USD25.75 billion in April-June 2018-19.
*Note: The latest data for services sector released by RBI is for May 2019. The data for June 2019 is an estimation, which will be revised based on RBI’s subsequent release.