India’s overall exports (Merchandise and Services combined) in April-March 2019-20 are estimated to be USD 528.45 billion, exhibiting a negative growth of (-) 1.36 per cent over the same period last year. Overall imports in April-March 2019-20 are estimated to be USD 598.61 billion, exhibiting a negative growth of (-) 6.33per cent over the same period last year.
I. Merchandise Trade
Exports (including re-exports)
Exports in March 2020 were USD 21.41 billion, as compared to USD 32.72 billion in March 2019, exhibiting a negative growth of (-) 34.57 per cent. In Rupee terms, exports were Rs. 1,59,157.98 crore in March 2020, as compared to Rs. 2,27,318.25 crore in March 2019, registering a negative growth of (-) 29.98per cent. The decline in exports has been mainly due to the ongoing global slowdown, which got aggravated due to the current Covid-19 crisis. The latter resulted in large scale disruptions in supply chainsand demand resulting in cancellation of orders.
Except for Iron ore, which registered a growth of 58.43%, all other commodity/commodity groups have registered negative growth in March 2020 vis-a-vs March 2019.
Major commodity groups which have recorded negative growth during March 2020 vis-à-vis March 2019 are Oil meals (-69.85%), Meat, dairy & poultry products (-45.48%), Engineering goods (-42.32%), Gems & jewellery (-41.05%), Leather & leather products (-36.78%), Plastic & Linoleum (-35.67%), RMG of all textiles (-34.91%), Carpet (-34.72%), Mica, Coal & other ores, minerals including processed minerals (-34.06%), Tea (-33.74%), Other cereals (-33.42%), Organic & inorganic chemicals (-32.88%), Cotton yarn/fabs./made-ups, Handloom products etc. (-32.16%), Petroleum products (-31.12%) and Rice (-28.28%).
Cumulative value of exports for the period April-March 2019-20 was USD 314.31billion (Rs.22,26,566.71 crore) as against USD 330.08 billion (Rs.23,07,726.19 crore) during the period April-March 2018-19, registering a negative growth of (-) 4.78per cent in Dollar terms (negative growth of (-)3.52per cent in Rupee terms).
Non-petroleum and Non-Gems and Jewellery exports in March 2020 were USD 16.90billion, as compared to USD 25.68 billion in March 2019, exhibiting a negative growth of (-) 34.19 per cent. Non-petroleum and Non-Gems and Jewellery exports in April-March 2019-20 were USD 235.73billion, as compared to USD 243.27billion for the corresponding period in 2018-19, a decrease of (-) 3.10 per cent.
Imports
Imports in March 2020 were USD 31.16 billion (Rs.2,31,710.92 crore), which was 28.72 per cent lower in Dollar terms and 23.72 per cent lower in Rupee terms over imports of USD 43.72 billion (Rs3,03,753.76 crore) in March 2019. Cumulative value of imports for the period April-March 2019-20 was USD 467.19 billion (Rs.33,07,977.05 crore), as against USD514.08 billion (Rs.35,94,674.61 crore) during the period April-March 2018-19, registering a negative growth of (-) 9.12 per cent in Dollar terms (negative growth of (-) 7.98per cent in Rupee terms).
Major commodity groups of import showing negative growth in March 2020 over the corresponding month of last year are:
Rise in import in March 2020 was witnessed only in Transport equipment, which registered a growth of 11.94% over March 2019.
Crude Oil And Non-Oil Imports:
Oil imports in March 2020 were USD 10.01 billion (Rs. 74,462.00 crore), which was 15.00 percent lower in Dollar terms (9.03 percent lower in Rupee terms), compared to USD 11.78 billion (Rs. 81,857.53 crore) in March 2019. Oil imports in April-March 2019-20 were USD 129.43 billion (Rs. 9,17,306.25 crore) which was 8.15 per cent lower in Dollar terms (6.99 percent lower in Rupee terms) compared to USD 140.92 billion (Rs. 9,86,275.06 crore), over the same period last year.
In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 50.34% in March 2020 vis-à-vis March 2019 as per data available from World Bank.
Non-oil imports in March 2020 were estimated at USD 21.15 billion (Rs. 1,57,248.92 crore) which was 33.78 per cent lower in Dollar terms (29.13 percent lower in Rupee terms), compared to USD 31.94 billion (Rs. 2,21,896.23 crore) in March 2019. Non-oil imports in April-March 2019-20 were USD 337.76 billion (Rs. 23,90,670.80 crore) which was 9.49 per cent lower in Dollar terms (8.35 percent lower in Rupee terms), compared to USD 373.16 billion (Rs. 26,08,399.55 crore) in April-March 2018-19.
Non-Oil and Non-Gold imports were USD19.92 billion in March 2020, recording a negative growth of (-) 30.47 per cent, as compared to Non-Oil and Non-Gold imports of USD 28.65 billion in March 2019. Non-Oil and Non-Gold imports were USD 309.53 billion in April-March 2019-20, recording a negative growth of (-) 9.03per cent, as compared to Non-Oil and Non-Gold imports USD 340.25 billion in April-March 2018-19.
II. Trade in Services
Exports (Receipts)
As per the latest press release by RBI dated 15th April 2020, exports in February 2020 were USD 17.73 billion (Rs. 1,26,713.37 crore) registering a positive growth of 6.88 per cent in dollar terms, vis-à-vis February 2019. The estimated value of services export for March 2020 is USD 17.69 billion.
Imports (Payments)
As per the latest press release by RBI dated 15th April 2020, imports in February 2020 were USD 11.07 billion (Rs. 79,116.32 crore) registering a positive growth of 12.82 per cent in dollar terms, vis-à-vis February 2019. The estimated value of service import for March 2020 is USD 10.97 billion.
III.Trade Balance
Merchandise: The trade deficit for March 2020 was estimated at USD 9.76 billion as against the deficit of USD 11.00 billion in March 2019.
Services: As per RBI’s Press Release dated 15th April 2020, the trade balance in Services (i.e. Net Services export) for February 2020 is estimated at USD 6.66 billion.
Overall Trade Balance: Taking merchandise and services together, overall trade deficit for April-March 2019-20 is estimated at USD 70.16 billion as compared to USD 103.32 billion in April-March 2018-19.
Merchandise Trade
| EXPORTS & IMPORTS : (US $ Billion) | ||
| (PROVISIONAL) | ||
| MARCH | APRIL-MARCH | |
| EXPORTS (including re-exports) | ||
| 2018-19 | 32.72 | 330.08 |
| 2019-20 | 21.41 | 314.31 |
| %Growth 2019-20/ 2018-19 | -34.57 | -4.78 |
| IMPORTS | ||
| 2018-19 | 43.72 | 514.08 |
| 2019-20 | 31.16 | 467.19 |
| %Growth 2019-20/ 2018-19 | -28.72 | -9.12 |
| TRADE BALANCE | ||
| 2018-19 | -11.00 | -184.00 |
| 2019-20 | -9.76 | -152.88 |
| EXPORTS &IMPORTS: (Rs. Crore) | ||
| (PROVISIONAL) | ||
| MARCH | APRIL-MARCH | |
| EXPORTS(including re-exports) | ||
| 2018-19 | 2,27,318.25 | 23,07,726.19 |
| 2019-20 | 1,59,157.98 | 22,26,566.71 |
| %Growth 2019-20/ 2018-19 | -29.98 | -3.52 |
| IMPORTS | ||
| 2018-19 | 3,03,753.76 | 35,94,674.61 |
| 2019-20 | 2,31,710.92 | 33,07,977.05 |
| %Growth 2019-20/ 2018-19 | -23.72 | -7.98 |
| TRADE BALANCE | ||
| 2018-19 | -76,435.51 | -12,86,948.42 |
| 2019-20 | -72,552.94 | -10,81,410.34 |
Services Trade
| EXPORTS & IMPORTS (SERVICES) : (US $ Billion) | ||
| (PROVISIONAL) | February 2020 | April-February 2019-20 |
| EXPORTS (Receipts) | 17.73 | 196.44 |
| IMPORTS (Payments) | 11.07 | 120.45 |
| TRADE BALANCE | 6.66 | 76.00 |
| EXPORTS & IMPORTS (SERVICES): (Rs. Crore) | ||
| (PROVISIONAL) | February 2020 | April-February 2019-20 |
| EXPORTS (Receipts) | 1,26,713.37 | 13,86,895.98 |
| IMPORTS (Payments) | 79,116.32 | 8,50,362.57 |
| TRADE BALANCE | 47,597.04 | 5,36,533.41 |
| Source: RBI Press Release dated 15thApril 2020 | ||
The Quick estimates for selected Major Commodities for March 2020 can be accessed at: http://164.100.117.97/WriteReadData/userfiles/QUICK%20ESTIMATES%20April%202019%20(1).pdf
The Complete Press release can be accessed at: https://pib.gov.in/PressReleseDetail.aspx?PRID=1614754