India’s exports contract 12.66% in August; trade deficit narrows to $6.77 billion

16 Sep 2020 Evaluate

Contracting for the sixth straight month, India’s merchandise exports slipped 12.66% to $22.70 billion in August 2020 as compared to same period of last year, on account of fall in the shipments of petroleum, leather, engineering goods and gems and jewellery items. Trade deficit, gap between imports and exports, narrowed to $6.77 billion in August 2020 from $13.86 billion a year ago.

As per the data released by the Commerce Ministry, merchandise exports fell by 12.66% to $22.70 billion in August 2020, as compared to $25.99 billion in the same month a year ago. In Rupee terms, it was down by 8.33% to Rs 1,69,513.81 crore in August 2020, as compared to Rs 1,84,921.23 crore in August 2019. Cumulative value of exports for the period April- August 2020-21 was $97.66 billion as against $133.14 billion during the period April- August 2019-20, registering a negative growth of 26.65%. In Rupee terms, it was down by 20.73% to Rs 7,35,835.87crore from Rs 9,28,243.85 crore.

Non-petroleum and Non Gems and Jewellery exports in August 2020 were $18.95 billion, as compared to $19.57 billion in August 2019, exhibiting a negative growth of 3.17%. Non-petroleum and Non Gems and Jewellery exports in April- August 2020-21 were $83.24 billion, as compared to $99.65 billion for the corresponding period in 2019-20.

On the other hand, imports during August 2020 too decreased by 26.04% to $29.47 billion as compared to $39.85 billion in August 2019, while in rupee terms it was down by 22.38% to Rs 2,20,083.69 crore from Rs 2,83,530.41 crore in August 2019. Cumulative value of imports for the period April- August 2020-21 was $118.38 billion, as against $210.39 billion during the period April- August 2019-20, registering a negative growth of 43.73%. In rupee terms, it was Rs 8,91,978.43 crore, down by 39.18% from Rs 14,66,659.90 crore in the same period last year.

Oil imports in August 2020 were $6.42 billion, which were 41.62% lower, compared to $11.00 billion in August 2019. Oil imports in April- August 2020-21 were $26.03 billion which were 53.61% lower compared to $56.11 billion, over the same period last year. Non-oil imports during August 2020 were estimated at $23.05 billion which was 20.10% lower than non-oil imports of $28.85 billion in August 2019. Non-Oil and Non-Gold imports were $19.35 billion in August 2020, down 29.61% over the same period of last year. Non-Oil and Non-Gold imports were $86.17 billion in April- August 2020-21, down 38.34%, over the same period of last year.

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