PIB issued statistics of India’s Foreign Trade for the month of June 2020

India’s overall exports (Merchandise and Services combined) in April-June 2020-21 are estimated to be USD 101.02 billion, exhibiting a negative growth of (-)25.92 percent over the same period last year. Overall imports in April-June 2020-21 are estimated to be USD 89.31 billion, exhibiting a negative growth of (-)45.10 percent over the same period last year.

Note: i) The latest data for services sector released by RBI is for May 2020. The data for June 2020 is an estimation, which will be revised based on RBI’s subsequent release ii) the figures in bracket are growth rates vis-à-vis the corresponding period of last year.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

• Exports in June 2020 were USD21.91 billion, as compared to USD25.01 billion in June 2019, exhibiting a negative growth of (-)12.41percent. In Rupee terms, exports were Rs. 1,65,898.85 crore in June 2020, as compared to Rs. 1,73,682.55 crore in June 2019, registering a negative growth of (-) 4.48 percent.
• Major commodity groups which have recorded positive growth during June 2020 vis-à-vis June 2019 are Iron Ore (63.11%), Oilseeds (50.48%), Rice (32.72%), Oil meals (27.36%), Spices (22.92%), Other cereals  (19.35%), Organic & inorganic chemicals (19.06%), Cereal preparations & miscellaneous processed items (13.8%), Fruits & vegetables (11.01%), Drugs & pharmaceuticals (9.89%), Tobacco (3.56%) and Coffee (2.58%).
• Major commodity groups which have recorded negative growth during June 2020 vis-à-vis June 2019 are Gems & jewellery (-50.06%), Leather & leather products (-40.47%), RMG of all textiles (-34.84%), Man-made yarn/fabs./made-ups etc. (-31.98%), Petroleum products (-31.65%), Cashew (-27.02%), Meat, dairy & poultry products (-25.88%), Handicrafts excl. hand-made carpet (-23.95%), Electronic goods (-22.52%), Jute mfg. including floor covering (-14.06%), Ceramic products & glassware (-10.91%), Carpet (-10.46%), Marine products (-9.74%), Tea (-8.01%), Engineering goods (-7.5%), Plastic & Linoleum (-4.4%), Cotton yarn/fabs./made-ups, handloom products etc. (-3.83%) and Mica, Coal & other ores, minerals including processed minerals (-1.13%).
• Cumulative value of exports for the period April-June 2020-21 was USD51.32 billion (Rs.3,89,016.27 crore) as against USD81.08 billion (Rs.5,63,984.51 crore) during the period April-June 2019-20, registering a negative growth of (-)36.71 percent in Dollar terms (negative growth of (-)31.02per cent in Rupee terms).
• Non-petroleum and Non-Gems and Jewellery exports in June 2020 were USD18.48 billion, as compared to USD19.15 billion in June 2019, exhibiting a negative growth of (-) 3.51 percent. Non-petroleum and Non-Gems and Jewellery exports in April-June 2020-21 were USD43.91 billion, as compared to USD60.10 billion for the corresponding period in 2019-20, a decrease of (-) 26.94 percent.

IMPORTS

• Imports in June 2020 were USD 21.11 billion (Rs.1,59,892.42 crore), which was 47.59 percent lower in Dollar terms and 42.85 percent lower in Rupee terms over imports of USD40.29 billion (Rs2,79,771.07 crore) in June 2019. Cumulative value of imports for the period April-June 2020-21 was USD60.44 billion (Rs.4,58,395.18crore), as against USD127.04 billion (Rs.8,83,652.93 crore) during the period April-June 2019-20, registering a negative growth of  (-)52.43 percent in Dollar terms (negative growth of (-)48.12 percent in Rupee terms).
• Major commodity groups of import showing negative growth in June 2020 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

• Oil imports in June 2020 were USD4.93 billion (Rs. 37,341.70 crore), which was 55.29 percent lower in Dollar terms (51.24 percent lower in Rupee terms), compared to USD11.03 billion (Rs. 76,586.73 crore) in June 2019. Oil imports in April-June 2020-21 were USD13.08 billion (Rs. 99,259.42 crore) which was 62.47 percent lower in Dollar terms (59.05 percent lower in Rupee terms) compared to USD34.85 billion (Rs. 2,42,398.55 crore), over the same period last year.
• In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 36.92% in June 2020 vis-à-vis June 2019 as per data available from World Bank.
• Non-oil imports in June 2020 were estimated at USD16.18 billion (Rs. 1,22,550.72 crore) which was 44.69 percent lower in Dollar terms (39.68 percent lower in Rupee terms), compared to USD29.26 billion (Rs. 2,03,184.34 crore) in June 2019. Non-oil imports in April-June 2020-21 were USD47.36 billion (Rs. 3,59,135.76 crore) which was 48.63 percent lower in Dollar terms (43.99 percent lower in Rupee terms), compared to USD92.19 billion (Rs. 6,41,254.38 crore) in April-June 2019-20.
• Non-Oil and Non-Gold imports were USD15.57 billion in June 2020, recording a negative growth of (-)41.37 percent, as compared to Non-Oil and Non-Gold imports of USD 26.57billion in June 2019. Non-Oil and Non-Gold imports were USD46.67 billion in April-June 2020-21, recording a negative growth of (-)42.20 percent, as compared to Non-Oil and Non-Gold imports USD 80.75 billion in April-June 2019-20.

II. TRADE IN SERVICES

EXPORTS (Receipts)

• As per the latest press release by RBI dated 15th July 2020, exports in May 2020 were USD 16.77 billion (Rs. 1,26,851.39 crore) registering a negative growth of (-) 10.24 percent in dollar terms, vis-à-vis May 2019. The estimated value of services export for June 2020 is USD 16.48 billion.

IMPORTS (Payments)

• As per the latest press release by RBI dated 15^th July 2020, imports in May 2020 were USD 9.94 billion (Rs. 75,190.81 crore) registering a negative growth of (-)20.45per cent in dollar terms, vis-à-vis May 2019. The estimated value of service import for June 2020 is USD 9.64 billion.

III. TRADE BALANCE

• MERCHANDISE: The trade surplus for June 2020 was estimated at USD0.79 billion as against the deficit of USD15.28 billion in June 2019. This is the first time in the last decade that India is a net exporter.
• SERVICES: As per RBI’s Press Release dated 15^th July 2020, the trade balance in Services (i.e. Net Services export) for May 2020 is estimated at USD6.83 billion.
• OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April-June 2020-21 is estimated at USD11.70billion as compared to the deficit of USD26.32 billion in April-June 2019-20.

*Note: The latest data for the services sector released by RBI is for May 2020. The data for June 2020 is an estimation, which will be revised based on RBI’s subsequent release.

MERCHANDISE TRADE

SERVICES TRADE

The Statistics of Quick Estimates for June 2020 can be accessed at: https://static.pib.gov.in/WriteReadData/userfiles/Quick%20Estimates%20June%202020-converted.pdf

The Press Release can be accessed at: https://pib.gov.in/PressReleasePage.aspx?PRID=1638804