India’s overall exports (Merchandise and Services combined) in April 2020* are estimated to be USD 27.96 billion, exhibiting a negative growth of (-) 36.65per cent over the same period last year. Overall imports in April 2020* are estimated to be USD 27.80billion, exhibiting a negative growth of (-) 47.36 per cent over the same period last year.

*Note: The latest data for services sector released by RBI is for March2020. The data for April2020 is an estimation, which will be revised based on RBI’s subsequent release.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports inApril2020 were USD10.36billion, as compared to USD26.07billion in April 2019, exhibiting a negative growth of (-)60.28per cent. In Rupee terms, exports were ₹ 78,951.41crore in April2020, as compared to ₹ 1,81,021.34crore in April2019, registering a negative growth of (-) 56.39per cent. The decline in exports has been mainly due to the ongoing global slowdown, which got aggravated due to the current Covid-19 crisis. The latter resulted in large scale disruptions in supply chainsand demand resulting in cancellation of orders.

Except for Iron Ore and Drugs & Pharmaceuticals which registered a growth of 17.53% and 0.25% respectively, all other commodity/commodity groups have registered negative growth in April 2020 vis-a-visApril 2019.

Major commodity groups which have recorded negative export growth during April 2020 vis-à-vis April 2019 are Gems & jewellery (-98.74%), Leather & leather products (-93.28%), Handicrafts excl. hand made carpet (-91.84%), Carpet (-91.67%), RMG of all textiles (-91.04%), Jute mfg. including floor covering (-90.61%), Man-made yarn/fabs./made-ups etc. (-84.11%), Cotton yarn/fabs./made-ups, handloom products etc. (-82.46%), Ceramic products & glassware (-76.72%), Electronic goods (-71.04%), Tea (-68.89%), Tobacco (-68.47%), Cashew (-67.55%), Petroleum products (-66.22%), Engineering goods (-64.76%), Oil seeds (-62.33%), Mica, Coal & other ores, minerals including processed minerals (-60.41%), Meat, dairy & poultry products (-60.34%), Oil meals (-50.6%), Cereal preparations & miscellaneous processed items (-48.28%), Coffee (-44.22%), Marine products (-43.94%), Organic & inorganic chemicals (-41.93%), Other cereals  (-40.86%), Spices (-32.18%), Plastic & Linoleum (-25.35%), Fruits & vegetables  (-9.29%) and  Rice (-7.04%).

Non-petroleum and Non-Gems and Jewellery exports in April 2020 were USD9.08billion, as compared to USD19.54billion in April2019, exhibiting a negative growth of (-) 53.54per cent.

IMPORTS

Imports in April2020 were USD17.12 billion (₹ 1,30,525.08crore), which was 58.65per cent lower in Dollar terms and 54.59per cent lower in Rupee terms over imports of USD41.40billion (₹ 2,87,432.93crore) in April2019.

Major commodity groups of import showing negative growth in April2020 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports inApril2020 were USD4.66billion (₹ 35,537.22 crore), which was 59.03percentlower in Dollar terms (55.01percent lower in Rupee terms), compared to USD11.38billion (₹ 78,989.46crore) in April2019.

In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 67.22% in April2020 vis-à-vis April2019 as per data available from World Bank.

Non-oil imports inApril2020 were estimated at USD12.46 billion (₹ 94,987.86crore) which was 58.50per cent lower in Dollar terms (54.43percent lower in Rupee terms), compared to USD30.02billion (₹ 2,08,443.47crore) in April2019.

Non-Oil and Non-Gold imports wereUSD12.46 billion in April2020, recording a negative growth of (-)52.18 per cent, as compared to Non-Oil and Non-Gold importsof USD 26.05billion in April2019.

II. TRADE IN SERVICES

EXPORTS (Receipts)

As per the latest press release by RBI dated 15^thMay 2020, exports in March2020 were USD 18.16 billion (₹ 1,35,043.18crore) registering a positive growth of 1.22 per cent in dollar terms, vis-à-vis March2019. The estimated value of services export for April2020* is USD 17.60 billion.

IMPORTS (Payments)

As per the latest press release by RBI dated 15^thMay 2020, imports in March 2020 were USD 11.11 billion (₹ 82,618.50 crore) registering a negative growth of (-) 2.23per cent in dollar terms, vis-à-vis March2019. The estimated value of service import for April2020* is USD 10.68 billion.

III.TRADE BALANCE

MERCHANDISE: The trade deficit for April2020 was estimated at USD6.76 billion as against the deficit of USD15.33 billion inApril2019.

SERVICES: As per RBI’s Press Release dated 15^thMay 2020, the trade balance in Services (i.e. Net Services export) for March 2020 is estimated at USD7.05 billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April 2020* is estimated at USD0.16billion as compared to the deficit of USD8.67 billion in April 2019.

 *Note: The latest data for services sector released by RBI is for March2020. The data for April2020 is an estimation, which will be revised based on RBI’s subsequent release.  

MERCHANDISE TRADE

SERVICES TRADE

*Note: The latest data for services sector released by RBI is for March2020. The data for April2020 is an estimation, which will be revised based on RBI’s subsequent release.

Quick Estimates for Selected Major Commodities for April 2020