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

India’s overall exports (Merchandise and Services combined) in April-October 2020-21 are estimated to be USD 265.09 Billion, exhibiting a negative growth of (-) 14.53 percent over the same period last year. Overall imports in April-October 2020-21 are estimated to be USD 248.58 Billion, exhibiting a negative growth of (-)31.89 percent over the same period last year.

*Note: i) The latest data for services sector released by RBI is for September 2020. The data for October 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 corresponding period of last year.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

• Exports in October 2020 were USD24.89 Billion, as compared to USD26.23 Billion in October 2019, exhibiting a negative growth of (-)5.12 percent. In Rupee terms, exports were Rs. 1,82,845.95 Crore in October 2020, as compared to Rs. 1,86,358.06 Crore in October 2019, registering a negative growth of (-)1.88per cent.
• Major commodities/commodity groups which have recorded positive growth during October 2020 vis-à-vis October 2019 are Other cereals  (378.23%), Rice (113.62%), Oil meals (78.57%), Iron ore (74.14%), Oil seeds (54.21%), Carpet (37.67%), Cereal preparations & miscellaneous processed items (36.18%), Ceramic products & glassware (34.92%), Spices (21.85%), Drugs & pharmaceuticals (21.85%), Jute mfg. including floor covering (18.73%), Meat, dairy & poultry products (16.66%), Handicrafts excl. handmade carpet (11.38%), Fruits & vegetables (9.87%), Mica, Coal & other ores, minerals including processed minerals (9.64%), Cotton yarn/fabs./made-ups, handloom products etc. (6.68%), RMG of all textiles (6.32%), Tobacco (4.33%), Organic & inorganic chemicals (1.94%) and Tea (0.12%).
• Major commodities/commodity groups which have recorded negative growth during October 2020 vis-à-vis October 2019 are Petroleum products (-52.04%), Cashew (-21.57%), Gems & jewellery (-21.27%), Leather & leather products (-16.67%), Man-made yarn/fabs./made-ups etc. (-12.8%), Electronic goods (-9.36%), Coffee (-9.23%), Marine products (-8.09%), Plastic & Linoleum (-6.86%) and Engineering goods (-3.75%).
• Cumulative value of exports for the period April-October 2020-21 was USD150.14 Billion (Rs.11,21,375.89 Crore) as against USD185.40 Billion (Rs.13,00,244.23 Crore) during the period April-October 2019-20, registering a negative growth of (-) 19.02 percent in Dollar terms (negative growth of (-)13.76 percent in Rupee terms).
• Non-petroleum and Non-Gems and Jewellery exports in October 2020 were USD20.31 Billion, as compared to USD19.07 Billion in October 2019, registering a positive growth of 6.51 percent. Non-petroleum and Non-Gems and Jewellery exports in April-October 2020-21 were USD124.82 Billion, as compared to USD137.72 Billion for the corresponding period in 2019-20, which is a decrease of (-)9.37 percent.

IMPORTS

• Imports in October 2020 were USD33.61 Billion (Rs.2,46,856.53 Crore), which is a decline of(-) 11.53 percent in Dollar terms and (-) 8.52 percent in Rupee terms over imports of USD37.99 Billion (Rs2,69,852.86 Crore) in October 2019. Cumulative value of imports for the period April-October 2020-21 was USD182.29 Billion (Rs.13,61,543.11 Crore), as against USD286.07 Billion (Rs.20,05,403.85 Crore) during the period April-October 2019-20, registering a negative growth of (-)36.28 percent in Dollar terms and a negative growth of (-)32.11 percent in Rupee terms.
• Major commodity groups of import showing negative growth in October 2020 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

• Oil imports in October 2020 were USD5.98 Billion (Rs. 43,935.17 Crore), which was 38.52 percent lower in Dollar terms (36.43 percent lower in Rupee terms), compared to USD9.73 Billion (Rs. 69,111.05 Crore) in October 2019. Oil imports in April-October 2020-21 were USD37.84 Billion (Rs. 2,82,930.87 Crore) which was 49.50 percent lower in Dollar terms (46.13 percent lower in Rupee terms) compared to USD74.92 Billion (Rs. 5,25,219.68 Crore), over the same period last year.
• In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 31.83% in October 2020 vis-à-vis October 2019 as per data available from World Bank.
• Non-oil imports in October 2020 were estimated at USD27.62 Billion (Rs. 2,02,921.36 Crore) which was 2.24 percent lower in Dollar terms (1.09 percent higher in Rupee terms), compared to USD28.26 Billion (Rs. 2,00,741.82 Crore) in October 2019. Non-oil imports in April-October 2020-21 were USD144.45 Billion (Rs. 10,78,612.24 Crore) which was 31.58 percent lower in Dollar terms (27.13 percent lower in Rupee terms), compared to USD211.14 Billion (Rs. 14,80,184.16 Crore) in April-October 2019-20.
• Non-Oil and Non-Gold imports wereUSD25.12 Billion in October 2020, recording a negative growth of (-) 4.90 percent, as compared to Non-Oil and Non-Gold imports of USD 26.42 Billion in October 2019. Non-Oil and Non-Gold imports were USD 135.18Billion in April-October 2020-21, recording a negative growth of (-) 30.14 percent, as compared to Non-Oil and Non-Gold imports of USD 193.50 Billion in April-October 2019-20.

II. TRADE IN SERVICES

EXPORTS (Receipts)

• As per the latest press release by RBI dated 13th November 2020, exports in September 2020 were USD 17.29 Billion (Rs.1,27,013.12 Crore) registering a negative growth of (-) 1.43 percent in Dollar terms, vis-à-vis September 2019. The estimated value of services export for October 2020* is USD 17.39 Billion.

IMPORTS (Payments)

• As per the latest press release by RBI dated 13^th November 2020, imports in September 2020 were USD 10.14 Billion (Rs. 74,473.70 Crore) registering a negative growth of (-)8.66 percent in Dollar terms, vis-à-vis September 2019. The estimated value of services import for October 2020* is USD 10.20 Billion.

III.TRADE BALANCE

• MERCHANDISE: The trade deficit for October 2020 was estimated at USD8.71 Billion as against the deficit of USD11.75 Billion in October 2019, which is a decline of (-) 25.86 percent.
• SERVICES: As per RBI’s Press Release dated 13^th November 2020, the trade balance in Services (i.e. Net Services export) for September 2020 is USD7.15 Billion. The estimated trade balance in October 2020* is USD 7.19 Billion.
• OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April-October 2020-21* is estimated at USD16.52 Billion as compared to the deficit of USD54.83 Billion in April-October 2019-20.

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

MERCHANDISE TRADE

SERVICES TRADE

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

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1672676