India’s exports contract 1.66% in January; trade deficit widens to $15.17 billion

17 Feb 2020 Evaluate

India’s merchandise exports contracted for the sixth month in a row by 1.66% to $25.97 billion in January 2020, as compared to same period of last year on account of a significant fall in shipments of petroleum, plastic, carpet, gems and jewellery, and leather products. Trade deficit, gap between imports and exports, widened to $15.17 billion in January from $15.05 billion a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 1.66% to $25.97 billion in January 2020, as compared to $26.41 billion in the same month a year ago. In Rupee terms, it was down by 0.86% to Rs 1,85,204 crore in January 2020, as compared to Rs 1,86,801.37 crore in January 2019. Cumulative value of exports for the period April-January 2019-20 was $265.26 billion as against $270.49 billion during the period April-January 2018-19, registering a negative growth of 1.93%. In Rupee terms, it was down by 1.02% to Rs 18,69,762.61 crore from Rs 18,89,062.68 crore.

Non-petroleum and Non Gems and Jewellery exports in January 2020 were $19.79 billion, as compared to $19.94 billion in January 2019, exhibiting a negative growth of 0.78%. Non-petroleum and Non Gems and Jewellery exports in April-January 2019-20 were $197.60 billion, as compared to $197.59 billion for the corresponding period in 2018-19.

On the other hand, Imports during January 2020, decreased by 0.75% to $41.14 billion as compared to $41.46 billion in January 2019, while in rupee terms it was up by 0.07% to Rs 2,93,418.56 crore from Rs 2,93,225.37 crore in January 2019. Cumulative value of imports for the period April-January 2019-20 was $398.53 billion, as against $433.77 billion during the period April-January 2018-19, registering a negative growth of 8.12%. In rupee terms, it was Rs 28,08,202.38 crore, down by 7.33% from Rs 30,30,317.38 crore in the same period last year.

Oil imports in January 2020 were $12.97 billion, which were 15.27% higher, compared to $11.25 billion in January 2019. Oil imports in April-December 2019-20 were $108.66 billion which were 9.24% lower compared to $119.72 billion, over the same period last year. Non-oil imports during January 2020 were estimated at $28.17 billion which was 6.72% lower than non-oil imports of $30.20 billion in January 2019. Non-Oil and Non-Gold imports were $26.59 billion in January 2020, down 4.66% over the same period of last year. Non-Oil and Non-Gold imports were $265.23 billion in April- January 2019-20, down 7.59%, over the same period of last year.

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