India’s overall exports (Merchandise and Services combined) in April-August2019-20* are estimated to be USD 227.36 billion, exhibiting a positive growth of 3.20 per cent over the same period last year. Overall imports in April-August 2019-20* are estimated to be USD 268.24billion, exhibiting a negative growth of 1.18per cent over the same period last year.
*Note: The latest data for services sector released by RBI is for July 2019. The data for August 2019 is an estimation, which will be revised based on RBI’s subsequent release.
I. MERCHANDISE TRADE
EXPORTS (including re-exports)
Exports inAugust 2019 were USD26.13 billion, as compared to USD27.81 billion in August 2018, exhibiting a negative growth of 6.05 per cent. In Rupee terms, exports were Rs. 1,85,881.11crore in August 2019, as compared to Rs. 1,93,397.12 crore in August 2018, registering a negative growth of 3.89 per cent.
Cumulative value of exports for the period April-August 2019-20 was USD133.54 billion (Rs.9,31,055.96 crore) as against USD135.62 billion (Rs.9,20,240.02 crore) during the period April-August 2018-19, registering a negative growth of 1.53 per cent in Dollar terms (positive growth of 1.18 per cent in Rupee terms).
Non-petroleum and Non Gems and Jewellery exports in August 2019 were USD19.60 billion, as compared to USD20.76 billion in August 2018, exhibiting a negative growth of 5.61 per cent. Non-petroleum and Non Gems and Jewellery exports in April-August 2019-20 were USD99.41 billion, as compared to USD99.17 billion for the corresponding period in 2018-19, an increase of 0.24 per cent.
Imports in August 2019 were USD39.58 billion (Rs. 2,81,606.41 crore), which was 13.45 per cent lower in Dollar terms and 11.46 per cent lower in Rupee terms over imports of USD45.73 billion (Rs.3,18,043.86 crore) in August 2018. Cumulative value of imports for the period April-August 2019-20 was USD206.39 billion (Rs.14,38,839.05crore), as against USD218.81 billion (Rs.14,85,661.27crore) during the period April-August 2018-19, registering a negative growth of 5.68 per cent in Dollar terms (negative growth of 3.15per cent in Rupee terms).
CRUDE OIL AND NON-OIL IMPORTS:
Oil imports inAugust 2019 were USD10.88 billion (Rs. 77,380.49 crore), which was 8.90 percentlower in Dollar terms (6.81percent lower in Rupee terms), compared to USD11.94 billion (Rs. 83,032.28 crore) in August2018. Oil imports in April-August 2019-20 were USD55.33 billion (Rs. 3,85,835.81 crore) which was 6.34 per cent lower in Dollar terms (3.81 percent lower in Rupee terms) compared to USD59.07billion (Rs. 4,01,124.26 crore), over the same period last year.
In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 18.98% in August 2019 vis-à-vis August 2018 as per data available from World Bank.
Non-oil imports inAugust 2019 were estimated at USD28.71 billion (Rs. 2,04,225.92 crore) which was 15.05 per cent lower in Dollar terms (13.10 percent lower in Rupee terms), compared to USD33.79 billion (Rs. 2,35,011.57 crore) in August 2018. Non-oil imports in April-August 2019-20 were USD151.06 billion (Rs. 10,53,003.24crore) which was 5.43 per cent lower in Dollar terms (2.91 percent lower in Rupee terms), compared to USD159.74 billion (Rs. 10,84,537.01crore) in April-August2018-19.
Non-Oil and Non-Gold imports wereUSD27.34 billion in August 2019, recording a negative growth of 9.33 per cent, as compared to Non-Oil and Non-Gold importsof USD 30.15 billion in August 2018. Non-Oil and Non-Gold imports wereUSD136.53 billion in April-August 2019-20, recording a negative growth of 5.64 per cent, as compared to Non-Oil and Non-Gold importsUSD 144.69 billion in April-August 2018-19.
II. TRADE IN SERVICES
As per the latest press release by RBI dated 13thSeptember 2019, exports in July2019 were USD 19.08 billion (Rs. 1,31,313.76 crore) registering a positive growth of 8.72 per cent in dollar terms, vis-à-vis July 2018. The estimated value of services export for August 2019* is USD 19.44 billion.
As per the latest press release by RBI dated 13thSeptember 2019, imports in July 2019 were USD 12.83 billion (Rs. 88,274.17 crore) registering a positive growth of 18.24 per cent in dollar terms, vis-à-vis July 2018. The estimated value of service Import for August 2019* is USD 13.38billion.
MERCHANDISE: The trade deficit for August 2019 was estimated at USD13.45 billion as against the deficit of USD17.92 billion inAugust 2018.
SERVICES: As per RBI’s Press Release dated 13thSeptember 2019, the trade balance in Services (i.e. Net Services export) for July, 2019 is estimated at USD6.26 billion.
OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-August 2019-20* is estimated at USD40.89billion as compared to USD51.13billion in April-August 2018-19.