India’s exports contract 10% in July; trade deficit narrows to $4.83 billion

17 Aug 2020 Evaluate

Contracting for the fifth straight month, India’s merchandise exports slipped 10.21% to $23.64 billion in July 2020 as compared to same period of last year, on account of decline in the shipments of petroleum, leather and gems and jewellery items. Trade deficit, gap between imports and exports, narrowed to $4.83 billion in July 2020 from $13.43 billion a year ago. In June, the country had reported its first trade surplus in over 18 years.

As per the data released by the Commerce Ministry, merchandise exports fell by 10.21% to $23.64 billion in July 2020, as compared to $26.33 billion in the same month a year ago. In Rupee terms, it was down by 2.14% to Rs 1,77,305.79 crore in July 2020, as compared to Rs 1,81,190.34 crore in July 2019. Cumulative value of exports for the period April- July 2020-21 was $74.96 billion as against $107.41 billion during the period April- July 2019-20, registering a negative growth of 30.21%. In Rupee terms, it was down by 24% to Rs 5,66,322.06 crore from Rs 7,45,174.85 crore.

Non-petroleum and Non Gems and Jewellery exports in July 2020 were $20.37 billion, as compared to $19.70 billion in July 2019, exhibiting a positive growth of 3.40%. Non-petroleum and Non Gems and Jewellery exports in April- July 2020-21 were $64.29 billion, as compared to $79.81 billion for the corresponding period in 2019-20.

On the other hand, imports during July 2020 too decreased by 28.40% to $28.47 billion as compared to $39.76 billion in July 2019, while in rupee terms it was down by 21.96% to Rs 2,13,499.56 crore from Rs 2,73,579.71 crore in July 2019. Cumulative value of imports for the period April- July 2020-21 was $88.91 billion, as against $166.80 billion during the period April- July 2019-20, registering a negative growth of 46.70%. In rupee terms, it was Rs 6,71,894.74 crore, down by 41.94% from Rs 11,57,232.64 crore in the same period last year.

Oil imports in July 2020 were $6.53 billion, which were 31.97% lower, compared to $9.60 billion in July 2019. Oil imports in April- July 2020-21 were $19.61 billion which were 55.88% lower compared to $44.45 billion, over the same period last year. Non-oil imports during July 2020 were estimated at $21.94 billion which was 27.26% lower than non-oil imports of $30.16 billion in July 2019. Non-Oil and Non-Gold imports were $20.15 billion in July 2020, down 29.15% over the same period of last year. Non-Oil and Non-Gold imports were $66.82 billion in April- July 2020-21, down 38.80%, over the same period of last year.

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