Snapping consistent decline for last six straight months, India’s merchandise exports increased by 2.91 percent to $27.65 billion in February 2020 as compared to same period of last year, propped by sectors such as petroleum, engineering goods, electronics, chemicals and pharmaceuticals. However, trade deficit, gap between imports and exports, widened marginally to $9.85 billion in February from $9.72 billion a year ago.
As per the data released by the Commerce Ministry, merchandise exports rose by 2.91% to $27.65billion in February 2020, as compared to $26.87 billion in the same month a year ago. In Rupee terms, it was up by 3.29% to Rs 1,97,646.12 crore in February 2020, as compared to Rs 1,91,345.27 crore in February 2019. Cumulative value of exports for the period April- February 2019-20 was $292.91 billion as against $297.36 billion during the period April- February 2018-19, registering a negative growth of 1.50%. In Rupee terms, it was down by 0.62% to Rs 20,67,408.73 crore from Rs 20,80,407.94 crore.
Non-petroleum and Non Gems and Jewellery exports in February 2020 were $21.23 billion, as compared to $20 billion in February 2019, exhibiting a positive growth of 6.16%. Non-petroleum and Non Gems and Jewellery exports in April- February 2019-20 were $218.83 billion, as compared to $217.60 billion for the corresponding period in 2018-19.
On the other hand, imports during February 2020 too increased by 2.48% to $37.50 billion as compared to $36.59 billion in February 2019, while in rupee terms it was up by 2.86% to Rs 2,68,063.75 crore from Rs 2,60,603.47 crore in February 2019. Cumulative value of imports for the period April- February 2019-20 was $436.03 billion, as against $470.36 billion during the period April- February 2018-19, registering a negative growth of 7.30%. In rupee terms, it was Rs 30,76,266.13 crore, down by 6.52% from Rs 32,90,920.85 crore in the same period last year.
Oil imports in February 2020 were $10.76 billion, which were 14.26% higher, compared to $9.41 billion in February 2019. Oil imports in April- February 2019-20 were $119.42 billion which were 7.53% lower compared to $129.14 billion, over the same period last year. Non-oil imports during February 2020 were estimated at $26.74 billion which was 1.60% lower than non-oil imports of $27.18 billion in February 2019. Non-Oil and Non-Gold imports were $24.38 billion in February 2020, down 0.87% over the same period of last year. Non-Oil and Non-Gold imports were $289.61 billion in April- February 2019-20, down 7.06%, over the same period of last year.
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