PIB issued statistics of India’s Foreign Trade for the month of August 2020

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India’s overall exports (Merchandise and Services combined) in April-August 2020-21 are estimated to be USD 182.13 billion, exhibiting a negative growth of (-) 19.32 percent over the same period last year. Overall imports in April-August 2020-21 are estimated to be USD 167.94 billion, exhibiting a negative growth of (-) 38.00 percent over the same period last year.

*Note: i) The latest data for the services sector released by RBI is for July 2020. The data for August 2020 is an estimation, which will be revised based on RBI’s subsequent release ii) the figures in bracket are growth rates vis-à-vis the corresponding period of last year.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

  • Exports in August 2020 were USD 22.70 billion, as compared to USD 25.99 billion in August 2019, exhibiting a negative growth of (-)12.66 percent. In Rupee terms, exports were Rs. 1,69,513.81 crore in August 2020, as compared to Rs. 1,84,921.23 crore in August 2019, registering a negative growth of (-) 8.33 percent.
  • Major commodities which have recorded positive growth during August 2020 vis-à-vis August 2019 are Other cereals (316.04%), Rice (59.14%), Iron ore (46.03%), Oil meals (28.89%), Oil seeds (24.96%), Cereal preparations & miscellaneous processed items (24.05%), Drugs & pharmaceuticals (17.27%), Carpet (15.53%), Fruits & vegetables (15.04%), Meat, dairy & poultry products (10.73%), Tobacco (10.59%), Jute mfg. including floor covering (9.18%), Plastic & Linoleum (0.59%) and Coffee (0.09%).
  • Major commodities which have recorded negative growth during August 2020 vis-à-vis August 2019 are Cashew (-47.61%), Gems & jewellery (-43.28%), Petroleum products (-39.91%), Man-made yarn/fabs./made-ups etc. (-24.23%), Marine products (-23.04%), Leather & leather products (-16.82%), Tea (-16.74%), Mica, Coal & other ores, minerals including processed minerals (-16.59%), RMG of all textiles (-14%), Electronic goods (-13.84%), Spices (-7.96%), Engineering goods (-7.69%), Handicrafts excl. hand made carpet (-5.24%), Organic & inorganic chemicals (-4.71%), Ceramic products & glassware (-4.61%) and Cotton yarn/fabs./made-ups, handloom products etc. (-0.42%).
  • Cumulative value of exports for the period April-August 2020-21 was USD 97.66 billion (Rs. 7,35,835.87 crore) as against USD 133.14 billion (Rs. 9,28,243.85 crore) during the period April-August 2019-20, registering a negative growth of (-) 26.65 percent in Dollar terms (negative growth of (-) 20.73 percent in Rupee terms).
  • Non-petroleum and Non-Gems and Jewellery exports in August 2020 were USD 18.95 billion, as compared to USD 19.57 billion in August 2019, registering a negative growth of  (-) 3.17 percent. Non-petroleum and Non-Gems and Jewellery exports in April-August 2020-21 were USD 83.24 billion, as compared to USD 99.65 billion for the corresponding period in 2019-20, which is a decrease of (-)16.47 percent.

IMPORTS

  • Imports in August 2020 were USD 29.47 billion (Rs. 2,20,083.69 crore), which is a decline of (-) 26.04 percent lower in Dollar terms and (-) 22.38 percent in Rupee terms over imports of USD 39.85 billion (Rs. 2,83,530.41 crore) in August 2019. Cumulative value of imports for the period April-August 2020-21 was USD 118.38 billion (Rs. 8,91,978.43 crore), as against USD 210.39 billion (Rs. 14,66,659.90 crore) during the period April-August 2019-20, registering a negative growth of (-) 43.73 percent in Dollar terms and a negative growth of (-) 39.18 percent in Rupee terms.
  • Major commodity groups of import showing negative growth in August 2020 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

  • Oil imports in August 2020 were USD 6.42 billion (Rs. 47,948.84 crore), which was 41.62 percent lower in Dollar terms (38.73 percent lower in Rupee terms), compared to USD 11.00 billion (Rs. 78,255.69 crore) in August 2019. Oil imports in April-August 2020-21 were USD 26.03 billion (Rs. 1,96,183.35 crore) which was 53.61 percent lower in Dollar terms (49.86 percent lower in Rupee terms) compared to USD 56.11 billion (Rs. 3,91,293.04 crore), over the same period last year.
  • In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 25.30% in August 2020 vis-à-vis August 2019 as per data available from World Bank.
  • Non-oil imports in August 2020 were estimated at USD 23.05 billion (Rs. 1,72,134.85 crore) which was 20.10 percent lower in Dollar terms (16.14 percent lower in Rupee terms), compared to USD 28.85 billion (Rs. 2,05,274.71 crore) in August 2019. Non-oil imports in April-August 2020-21 were USD 92.35 billion (Rs. 6,95,795.08 crore) which was 40.14 percent lower in Dollar terms (35.30 percent lower in Rupee terms), compared to USD 154.28 billion (Rs. 10,75,366.86 crore) in April-August 2019-20.
  • Non-Oil and Non-Gold imports were USD 19.35 billion in August 2020, recording a negative growth of (-) 29.61 percent, as compared to Non-Oil and Non-Gold imports of USD 27.49 billion in August 2019. Non-Oil and Non-Gold imports were USD 86.17 billion in April-August 2020-21, recording a negative growth of (-) 38.34 percent, as compared to Non-Oil and Non-Gold imports USD 139.75 billion in April-August 2019-20.

II. TRADE IN SERVICES

EXPORTS (Receipts)

  • As per the latest press release by RBI dated 15th September 2020, exports in July 2020 were USD 17.03 billion (Rs. 1,27,721.26 crore) registering a negative growth of (-) 10.76 percent in dollar terms, vis-à-vis July 2019. The estimated value of services export for August 2020 is USD 17.23billion.

IMPORTS (Payments)

  • As per the latest press release by RBI dated 15th September 2020 imports in July 2020 were USD 10.05 billion (Rs. 75,345.87 crore) registering a negative growth of (-) 21.69 percent in dollar terms, vis-à-vis July 2019. The estimated value of service import for August 2020 is USD 10.31 billion.

III. TRADE BALANCE

  • MERCHANDISE: The trade deficit for August 2020 was estimated at USD 6.77 billion as against the deficit of USD 13.86 billion in August 2019, which is a decline of (-) 51.14 percent.
  • SERVICES: As per RBI’s Press Release dated 15th September 2020 the trade balance in Services (i.e. Net Services export) for July 2020 is USD 6.98 billion. The estimated trade balance in August 2020 is USD 6.92 billion.
  • OVERALL TRADE BALANCE: Taking merchandise and services together, the overall trade surplus for April-August 2020-21 is estimated at USD14.20 billion as compared to the deficit of USD 45.11 billion in April-August 2019-20.

Note: The latest data for the services sector released by RBI is for July 2020. The data for August 2020 is an estimation, which will be revised based on RBI’s subsequent release.

MERCHANDISE TRADE

EXPORTS & IMPORTS  : (US $ Billion)

(PROVISIONAL)

AUGUST

APRIL-AUGUST

EXPORTS(including re-exports)

2019-20

25.99

133.14

2020-21

22.70

97.66

%Growth 2020-21/ 2019-20

-12.66

-26.65

IMPORTS

2019-20

39.85

210.39

2020-21

29.47

118.38

%Growth 2020-21/ 2019-20

-26.04

-43.73

TRADE BALANCE

2019-20

-13.86

-77.25

2020-21

-6.77

-20.72

EXPORTS &IMPORTS: (Rs. Crore)

(PROVISIONAL)

AUGUST

APRIL-AUGUST

EXPORTS(including re-exports)

2019-20

1,84,921.23

9,28,243.85

2020-21

1,69,513.81

7,35,835.87

%Growth 2020-21/ 2019-20

-8.33

-20.73

IMPORTS

2019-20

2,83,530.41

1,466,659.90

2020-21

2,20,083.69

8,91,978.43

%Growth 2020-21/ 2019-20

-22.38

-39.18

TRADE BALANCE

2019-20

-98,609.17

-5,38,416.05

2020-21

-50,569.88

-1,56,142.56

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)

(PROVISIONAL)

July 2020

April-July 2020-21

EXPORTS (Receipts)

17.03

67.24

IMPORTS (Payments)

10.05

39.25

TRADE BALANCE

6.98

28.00

EXPORTS & IMPORTS (SERVICES): (Rs. Crore)

(PROVISIONAL)

July 2020

April-July 2020-21

EXPORTS (Receipts)

1,27,721.26

5,08,679.39

IMPORTS (Payments)

75,345.87

2,96,868.14

TRADE BALANCE

52,375.39

2,11,811.25

Source: RBI Press Release dated 15th September 2020 

The Statistics of Quick Estimates for August 2020 can be accessed at: https://static.pib.gov.in/WriteReadData/userfiles/Quick%20Estimates%20August%202020.pdf

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1654586

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