India’s merchandise exports dropped by 6.05% in August 2019 as compared to same period of last year, on the back of significant dip in shipments from key sectors like petroleum, engineering, leather, and gems & jewellery. Trade deficit, gap between imports and exports, narrowed to $13.45 billion in August from $17.92 billion a year ago.
As per the data released by the Commerce Ministry, merchandise exports increased by 6.05% to $26.13 billion in August 2019, as compared to $27.81 billion in the same month a year ago. In Rupee terms, it was down by 3.89% to Rs 1,85,881.11 crore in August 2019, as compared to Rs 1,93,397.12 crore in August 2018. Cumulative value of exports for the period April- August 2019-20 was $133.54 billion as against $135.62 billion during the period April- August 2018-19, registering a negative growth of 1.53%. In Rupee terms, it was up by 1.18% to Rs 9,31,055.96 crore from Rs 9,20,240.02 crore.
Non-petroleum and Non Gems and Jewellery exports in August 2019 were $19.60 billion, as compared to $20.76 billion in August 2018, exhibiting a negative growth of 5.61%. Non-petroleum and Non Gems and Jewellery exports in April- August 2019-20 were $99.41 billion, as compared to $99.17 billion for the corresponding period in 2018-19, an increase of 0.24%.
On the other hand, Imports during August 2019, decreased by 13.45% to $39.58 billion as compared to $45.73 billion in August 2018, and in rupee terms it was down by 11.46% to Rs 2,81,606.41 crore from Rs 3,18,043.86 crore in August 2018. Cumulative value of imports for the period April- August 2019-20 was $206.39 billion, as against $218.81 billion during the period April- August 2018-19, registering a negative growth of 5.68%. In rupee terms, it was Rs 14,38,839.05 crore, down by 3.15% from Rs 14,85,661.27 crore in the same period last year.
Oil imports in August 2019 were $10.88 billion, which was 8.90% lower, compared to $11.94 billion in August 2018. Oil imports in April- August 2019-20 were $55.33 billion which was 6.34% lower compared to $59.07 billion, over the same period last year. Non-oil imports during August 2019 were estimated at $28.71 billion which was 15.05% lower than non-oil imports of $33.79 billion in August 2018. Non-Oil and Non-Gold imports were $ 27.34 billion in August 2019, down 9.33% over the same period of last year. Non-Oil and Non-Gold imports were $136.53 billion in April- August 2019-20, down 5.64%, over the same period of last year.