India’s overall exports (Merchandise and Services combined) in April-January 2019-20* are estimated to be USD 446.46 billion, exhibiting a positive growth of 1.94 per cent over the same period last year. Overall imports in April-January 2019-20* are estimated to be USD 510.62 billion, exhibiting a negative growth of (-)4.69 per cent over the same period last year.

*Note: The latest data for services sector released by RBI is for December 2019. The data for January 2020 is an estimation, which will be revised based on RBI’s subsequent release.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports in January 2020 were USD 25.97 billion, as compared to USD 26.41 billion in January 2019, exhibiting a negative growth of (-) 1.66 per cent. In Rupee terms, exports were ₹ 1,85,204 crore in January 2020, as compared to ₹ 1,86,801.37 crore in January 2019, registering a negative growth of (-) 0.86 per cent.

In January 2020, major commodity groups of export showing positive growth over the corresponding month of last year are

Cumulative value of exports for the period April-January 2019-20 was USD 265.26 billion (₹ 18,69,762.61 crore) as against USD 270.49 billion (₹ 18,89,062.68 crore) during the period April-January 2018-19, registering a negative growth of (-) 1.93 per cent in Dollar terms (negative growth of (-) 1.02 per cent in Rupee terms).

Non-petroleum and Non Gems and Jewellery exports in January 2020 were USD 19.79 billion, as compared to USD 19.94 billion in January 2019, exhibiting a negative growth of (-) 0.78 per cent. Non-petroleum and Non Gems and Jewellery exports in April-January 2019-20 were USD 197.60 billion, as compared to USD 197.59 billion for the corresponding period in 2018-19.

IMPORTS

Imports in January 2020 were USD 41.14 billion (₹ 2,93,418.56 crore), which was 0.75 per cent lower in Dollar terms and 0.07 per cent higher in Rupee terms over imports of USD 41.46 billion (₹ 2,93,225.37 crore) in January 2019. Cumulative value of imports for the period April-January 2019-20 was USD 398.53 billion (₹ 28,08,202.38 crore), as against USD 433.77 billion (₹ 30,30,317.38 crore) during the period April-January 2018-19, registering a negative growth of    (-)8.12 per cent in Dollar terms (negative growth of (-)7.33 per cent in Rupee terms).

Major commodity groups of import showing negative growth in January 2020 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports in January 2020 were USD 12.97 billion (₹ 92,502.86 crore), which was 15.27 percent higher in Dollar terms (16.21 percent higher in Rupee terms), compared to USD 11.25 billion (₹ 79,596.67 crore) in January 2019. Oil imports in April-January 2019-20 were USD 108.66 billion (₹ 7,65,950.42 crore) which was 9.24 per cent lower in Dollar terms (8.53 percent lower in Rupee terms) compared to USD 119.72 billion (₹ 8,37,369.22 crore), over the same period last year.

In this connection it is mentioned that the global Brent price ($/bbl) has increased by 7.31% in January 2020 vis-à-vis January 2019 as per data available from World Bank.

Non-oil imports in January 2020 were estimated at USD 28.17 billion (₹ 2,00,915.70 crore) which was 6.72 per cent lower in Dollar terms (5.95 percent lower in Rupee terms), compared to USD 30.20 billion (₹ 2,13,628.70 crore) in January 2019. Non-oil imports in April-January 2019-20 were USD 289.87 billion (₹ 20,42,251.96 crore) which was 7.70 per cent lower in Dollar terms (6.87 percent lower in Rupee terms), compared to USD 314.04 billion (₹ 21,92,948.16 crore) in April-January 2018-19.

Non-Oil and Non-Gold imports were USD 26.59 billion in January 2020, recording a negative growth of (-)4.66 per cent, as compared to Non-Oil and Non-Gold imports of USD 27.89 billion in January 2019. Non-Oil and Non-Gold imports were USD 265.23 billion in April-January 2019-20, recording a negative growth of (-)7.59 per cent, as compared to Non-Oil and Non-Gold imports USD 287.00 billion in April-January 2018-19.

 

II. TRADE IN SERVICES

EXPORTS (Receipts)

As per the latest press release by RBI dated 14^th February 2020, exports in December 2019 were USD 20.00 billion (₹ 1, 42,413.68 crore) registering a positive growth of 11.59 per cent in dollar terms, vis-à-vis December 2018. The estimated value of services export for January 2020* is USD 20.92 billion.

IMPORTS (Payments)

As per the latest press release by RBI dated 14^th February 2020, imports in December 2019 were USD 12.56 billion (₹ 89,382.31 crore) registering a positive growth of 10.36 per cent in dollar terms, vis-à-vis December 2018. The estimated value of service Import for January 2020* is USD 13.10 billion.

III.TRADE BALANCE

MERCHANDISE: The trade deficit for January 2020 was estimated at USD 15.17 billion as against the deficit of USD 15.05 billion in January 2019.

SERVICES: As per RBI’s Press Release dated 14^th February 2020, the trade balance in Services (i.e. Net Services export) for December, 2019 is estimated at USD 7.45 billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-January 2019-20* is estimated at USD 64.16 billion as compared to USD 97.79 billion in April-January 2018-19.

*Note: The latest data for services sector released by RBI is for December 2019. The data for January 2020 is an estimation, which will be revised based on RBI’s subsequent release. 

MERCHANDISE TRADE

EXPORTS & IMPORTS  : (US $ Billion)

(PROVISIONAL)

	January	APRIL-January
EXPORTS(including re-exports)
2018-19	26.41	270.49
2019-20	25.97	265.26
%Growth 2019-20/ 2018-19	-1.66	-1.93
IMPORTS
2018-19	41.46	433.77
2019-20	41.14	398.53
%Growth 2019-20/ 2018-19	-0.75	-8.12
TRADE BALANCE
2018-19	-15.05	-163.27
2019-20	-15.17	-133.27
EXPORTS &IMPORTS: (Rs. Crore)
(PROVISIONAL)
	January	APRIL-January
EXPORTS(including re-exports)
2018-19	1,86,801.37	18,89,062.68
2019-20	1,85,204.00	18,69,762.61
%Growth 2019-20/ 2018-19	-0.86	-1.02
IMPORTS
2018-19	2,93,225.37	30,30,317.38
2019-20	2,93,418.56	28,08,202.38
%Growth 2019-20/ 2018-19	0.07	-7.33
TRADE BALANCE
2018-19	-1,06,424.00	-11,41,254.70
2019-20	-1,08,214.56	-9,38,439.77

 

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	December 2019	April-December 2019-20
EXPORTS (Receipts)	20.00	160.27
IMPORTS (Payments)	12.56	98.99
TRADE BALANCE	7.45	61.28
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	December 2019	April-December 2019-20
EXPORTS (Receipts)	1,42,413.68	11,28,639.25
IMPORTS (Payments)	89,382.31	6,97,158.95
TRADE BALANCE	53,031.37	4,31,480.30
Source: RBI Press Release dated 14th February 2020

*Note: The latest data for services sector released by RBI is for December 2019. The data for January 2020 is an estimation, which will be revised based on RBI’s subsequent release.

 * Link for Quick Estimates

Trade deficit narrows as exports slip slightly and imports fall, with services growth and lower non oil imports impacting balance. Provisional trade figures for April-January 2019-20 show merchandise exports slightly down year on year and cumulative export declines, while cumulative merchandise imports fell more markedly. Oil imports rose in January but fell over the cumulative period; non oil and non gold imports declined. Services (RBI data to December 2019; January 2020 estimated) recorded positive growth in exports and imports for December, with net services exports supporting a lower overall trade deficit for April-January 2019-20 compared to the prior year, subject to revision when RBI releases January services data.