India’s overall exports (Merchandise and Services combined) in April-May 2019-20* are estimated to be USD 92.33billion, exhibiting a positive growth of 4.32per cent over the same period last year. Overall imports in April-May 2019-20* are estimated to be USD 109.75billion, exhibiting a positive growth of 5.30per cent over the same period last year. 

*Note: The latest data for services sector released by RBI is for April 2019. The data for May 2019 is an estimation, which will be revised based on RBI’s subsequent release.

 

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports inMay 2019 were USD29.99billion, as compared to USD28.86billion in May 2018, exhibiting a positive growth of 3.93per cent. In Rupee terms, exports were ₹ 2,09,280.62 crore in May 2019, as compared to ₹ 1,94,928.45crore in May 2018, registering a positive growth of 7.36per cent.         

InMay 2019, major commodity groups of export showing positive growth over the corresponding month of last year are

Cumulative value of exports for the period April-May 2019-20 was USD56.07billion (₹ 3,90,301.96 crore) as against USD54.77billion (₹ 3,64,981.41 crore) during the period April-May 2018-19, registering a positive growth of 2.37per cent in Dollar terms (6.94per cent in Rupee terms).

Non-petroleum and Non Gems and Jewellery exports in May 2019 were USD21.42billion, as compared to USD19.94billion in May 2018, exhibiting a positive growth of 7.42per cent. Non-petroleum and Non Gems and Jewellery exports in April-May 2019-20 were USD40.96billion, as compared to USD39.74billion for the corresponding period in 2018-19, an increase of 3.07per cent.

IMPORTS

Imports in May 2019 were USD45.35billion (₹ 3,16,448.93 crore), which was 4.31per cent higher in Dollar terms and 7.76per cent higher in Rupee terms over imports of USD43.48billion (₹ 2,93,660.48 crore) in May 2018. Cumulative value of imports for the period April-May 2019-20 was USD86.75billion (₹ 6,03,881.86 crore), as against USD83.11billion (₹ 5,53,745.15 crore) during the period April-May 2018-19, registering a positive growth of 4.39per cent in Dollar terms (9.05per cent in Rupee terms).

Major commodity groups of import showing negative growth in May 2019 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports inMay 2019 were USD12.44billion (₹ 86,822.36 crore), which was 8.23percent higher in Dollar terms (11.81percent higher in Rupee terms), compared to USD11.50billion (₹ 77,654.11 crore) in May 2018. Oil imports in April-May 2019-20 were USD23.82billion (₹ 1,65,811.82 crore) which was 8.72per cent higher in Dollar terms (13.57percent higher in Rupee terms) compared to USD21.91billion (₹ 1,45,998.35 crore), over the same period last year.

In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 7.98% in May 2019 vis-à-vis May 2018 as per data available from World Bank (Pink Sheet).

Non-oil imports inMay 2019 were estimated at USD32.91billion (₹ 2,29,626.57 crore) which was 2.90 per cent in Dollar terms (6.31percent higher in Rupee terms), compared to USD31.98billion (₹ 2,16,006.37 crore) in May 2018. Non-oil imports in April-May 2019-20 were USD62.93billion (₹ 4,38,070.04 crore) which was 2.84per cent higher in Dollar terms (7.44 percent higher in Rupee terms), compared to USD61.19billion (₹ 4,07,746.80 crore) in April-May2018-19.

Non-Oil and Non-Gold imports wereUSD28.13billion in May 2019, recording a negative growth of 1.31per cent, as compared to Non-Oil and Non-Gold importsof USD 28.50 billion in May 2018. Non-Oil and Non-Gold imports wereUSD 54.18billion in April-May 2019-20, recording a negative growth of 1.73per cent, as compared to Non-Oil and Non-Gold importsUSD 55.14 billion in April-May 2018-19.

 

II. TRADE IN SERVICES

EXPORTS (Receipts)

As per the latest press release by RBI dated 14^thJune 2019, exports in April 2019 were USD 18.06 billion (₹ 125,399.77crore) registering a positive growth of 2.84 per cent in dollar terms, vis-à-vis April 2018.The estimated value of services export for May 2019* is USD 18.20 billion.

IMPORTS (Payments)

As per the latest press release by RBI dated 14^thJune 2019, imports in April 2019 were USD 11.40 billion (₹ 79,161.12crore) registering a positive growth of 4.46 per cent in dollar terms, vis-à-vis April 2018. The estimated value of service Import for May 2019 is USD 11.60 billion.

III.TRADE BALANCE

MERCHANDISE: The trade deficit for May 2019 was estimated at USD15.36billion as against the deficit of USD14.62billion inMay 2018.

SERVICES: As per RBI’s Press Release dated 14^thJune 2019, the trade balance in Services (i.e. Net Services export) for April, 2019 is estimated at USD6.66billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-May 2019-20* is estimated at USD17.42billion as compared to USD15.72 billion in April-May 2018-19.

*Note: The latest data for services sector released by RBI is for April 2019. The data for May 2019 is an estimation, which will be revised based on RBI’s subsequent release.

MERCHANDISE TRADE

 

EXPORTS & IMPORTS  : (US $ Billion)
(PROVISIONAL)
	MAY	APRIL-MAY
EXPORTS(including re-exports)
2018-19	28.86	54.77
2019-20	29.99	56.07
%Growth 2019-20/ 2018-19	3.93	2.37
IMPORTS
2018-19	43.48	83.11
2019-20	45.35	86.75
%Growth 2019-20/ 2018-19	4.31	4.39
TRADE BALANCE
2018-19	-14.62	-28.34
2019-20	-15.36	-30.69
EXPORTS &IMPORTS  : (Rs. Crore)
(PROVISIONAL)
	APRIL	APRIL-MAY
EXPORTS(including re-exports)
2018-19	194,928.45	364,981.41
2019-20	209,280.62	390,301.96
%Growth 2019-20/ 2018-19	7.36	6.94
IMPORTS
2018-19	293,660.48	553,745.15
2019-20	316,448.93	603,881.86
%Growth 2019-20/ 2018-19	7.76	9.05
TRADE BALANCE
2018-19	-98,732.03	-188763.74
2019-20	-107,168.31	-213579.90

SERVICES TRADE 

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	April 2019
EXPORTS (Receipts)	18062.00
IMPORTS (Payments)	11402.00
TRADE BALANCE	6660.00
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	April 2019
EXPORTS (Receipts)	125,399.77
IMPORTS (Payments)	79,161.12
TRADE BALANCE	46,238.65
Source: RBI Press Release dated 14th June 2019

Note: Services data pertains April 2019 as it is the latest data available as per RBI’s Press Release dated 14^thJune 2019. This data is provisional and subject to revision by RBI.

Link for Quick Estimates:

Trade balance shows a wider deficit as imports outpace modest export growth in the April-May period. India's external trade for April-May 2019-20 shows merchandise and services exports rising modestly while imports increased more, yielding a wider overall trade deficit. Merchandise exports and non petroleum/non gems & jewellery exports recorded positive growth; imports rose in oil and non oil categories, with oil imports up despite lower Brent prices. Services exports and imports for April show growth per RBI data, May services are estimated and subject to revision, and combined merchandise plus services produce a larger provisional deficit for April-May 2019-20 versus the prior year.