India’s exports contract 12% in June; trade balance turns surplus after 18 years

16 Jul 2020 Evaluate

Contracting for the fourth straight month, India’s merchandise exports declined by 12.41% to $21.91 billion in June 2020 as compared to same period of last year, mainly due to drop in shipments of petroleum, textiles, engineering goods, and gems and jewellery items. However, the country has posted a trade surplus of $0.79 billion in June, for the first time in more than 18 years as the domestic demand slump following the coronavirus outbreak hit imports harder than exports.

As per the data released by the Commerce Ministry, merchandise exports fell by 12.41% to $21.91 billion in June 2020, as compared to $25.01 billion in the same month a year ago. In Rupee terms, it was down by 4.48% to Rs 1,65,898.85 crore in June 2020, as compared to Rs 1,73,682.55 crore in June 2019. Cumulative value of exports for the period April- June 2020-21 was $51.32 billion as against $81.08 billion during the period April- June 2019-20, registering a negative growth of 36.71%. In Rupee terms, it was down by 31.02% to Rs 3,89,016.27 crore from Rs 5,63,984.51 crore.

Non-petroleum and Non Gems and Jewellery exports in June 2020 were $18.48 billion, as compared to $19.15 billion in June 2019, exhibiting a negative growth of 3.51%. Non-petroleum and Non Gems and Jewellery exports in April- June 2020-21 were $43.91 billion, as compared to $60.10 billion for the corresponding period in 2019-20.

On the other hand, imports during June 2020 too decreased by 47.59% to $ 21.11 billion as compared to $40.29 billion in June 2019, while in rupee terms it was down by 42.85% to Rs 1,59,892.42 crore from Rs 2,79,771.07 crore in June 2019. Cumulative value of imports for the period April- June 2020-21 was $60.44 billion, as against $127.04 billion during the period April- June 2019-20, registering a negative growth of 52.43%. In rupee terms, it was Rs 4,58,395.18 crore, down by 48.12% from Rs 8,83,652.93 crore in the same period last year.

Oil imports in June 2020 were $4.93 billion, which were 55.29% lower, compared to $11.03 billion in June 2019. Oil imports in April- June 2020-21 were $13.08 billion which were 62.47% lower compared to $34.85 billion, over the same period last year. Non-oil imports during June 2020 were estimated at $ 16.18 billion which was 44.69% lower than non-oil imports of $29.26 billion in June 2019. Non-Oil and Non-Gold imports were $15.57 billion in June 2020, down 41.37% over the same period of last year. Non-Oil and Non-Gold imports were $46.67 billion in April- June 2020-21, down 42.20%, over the same period of last year.

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