India’s Foreign Trade: November 2019

13-12-2019

Contents

India’s overall exports (Merchandise and Services combined) in April-November 2019-20* are estimated to be USD 353.96 billion, exhibiting a positive growth of 1.60 per cent over the same period last year. Overall imports in April-November 2019-20* are estimated to be USD 408.02 billion, exhibiting a negative growth of (-)5.30 per cent over the same period last year.

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

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports inNovember 2019 were USD25.98 billion, as compared to USD26.07 billion in November 2018, exhibiting a negative growth of (-)0.34 per cent. In Rupee terms, exports were ₹ 1,85,644.81 crore in November 2019, as compared to ₹ 1,87,335.14 crore in November 2018, registering a negative growth of (-)0.90 per cent.

In November 2019, major commodity groups of export showing positivegrowth over the corresponding month of last year are

Cumulative value of exports for the period April-November 2019-20 was USD211.93 billion (₹ 14,89,793.87 crore) as against USD216.23 billion (₹ 15,05,216.55 crore) during the period April-November 2018-19, registering a negative growth of (-)1.99 per cent in Dollar terms (negative growth of (-)1.02 per cent in Rupee terms).

Non-petroleum and Non Gems and Jewellery exports in November 2019 were USD19.31 billion, as compared to USD18.55 billion in November 2018, exhibiting a positive growth of 4.08 per cent. Non-petroleum and Non Gems and Jewellery exports in April-November 2019-20 were USD156.76 billion, as compared to USD156.49 billion for the corresponding period in 2018-19, anincrease of 0.17per cent.

IMPORTS

Imports in November 2019 were USD 38.11 billion (₹ 2,72,274.45 crore), which was 12.71 per cent lower in Dollar terms and 13.20 per cent lower in Rupee terms over imports of USD 43.66 billion (₹ 3,13,680.85 crore) in November 2018. Cumulative value of imports for the period April-November 2019-20 was USD 318.78 billion (₹ 22,39,900.18 crore), as against USD 349.96 billion (₹ 24,37,538.61 crore) during the period April-November 2018-19, registering a negative growth of (-)8.91 per cent in Dollar terms (negative growth of (-)8.11 per cent in Rupee terms).

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

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports in November 2019 were USD 11.06 billion (₹ 79,040.21 crore), which was 18.17 percent lower in Dollar terms (18.63 percent lower in Rupee terms), compared to USD 13.52 billion (₹ 97,134.45 crore) in November 018. Oil imports in April-November 2019-20 were USD 84.99 billion (₹ 5,97,310.87 crore) which was 12.99 per cent lower in Dollar terms (12.35 percent lower in Rupee terms) compared to USD 97.69 billion (₹ 6,81,497 crore), over the same period last year.

In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 3.73 % in November 2019 vis-à-vis November 2018 as per data available from World Bank.

Non-oil imports in November 2019 were estimated at USD27.04 billion (₹ 1,93,234.24 crore) which was 10.26 per cent lower in Dollar terms (10.77 percent lower in Rupee terms), compared to USD30.14 billion (₹ 2,16,546.40 crore) in November 2018. Non-oil imports in April-November 2019-20 were USD233.78 billion (₹ 16,42,589.31 crore) which was 7.33 per cent lower in Dollar terms (6.46 percent lower in Rupee terms), compared to USD252.27 billion (₹ 17,56,041.60 crore) in April-November 2018-19.

Non-Oil and Non-Gold imports were USD24.10 billion in November 2019, recording a negative growth of (-)11.96 per cent, as compared to Non-Oil and Non-Gold imports of USD 27.37 billion in November 2018. Non-Oil and Non-Gold imports were USD213.19 billion in April-November 2019-20, recording a negative growth of (-)7.35 per cent, as compared to Non-Oil and Non-Gold imports USD 230.12 billion in April-November 2018-19.

II. TRADE IN SERVICES

EXPORTS (Receipts)

As per the latest press release by RBI dated 13^thDecember 2019, exports in October 2019 were USD 17.70 billion (₹ 1,25,725.53 crore) registering a positive growth of 5.25 per cent in dollar terms, vis-à-vis October 2018. The estimated value of services export for November 2019* is USD 17.26 billion.

IMPORTS (Payments)

As per the latest press release by RBI dated 13^th December 2019, imports in October 2019 were USD 10.86 billion (₹ 77,177.20 crore) registering a positive growth of 7.58 per cent in dollar terms, vis-à-vis October 2018. The estimated value of service Import for November 2019* is USD 10.28 billion.

III.TRADE BALANCE

MERCHANDISE: The trade deficit for November 2019 was estimated at USD12.12 billion as against the deficit of USD17.58 billion in November 2018.

SERVICES: As per RBI’s Press Release dated 13^th December 2019, the trade balance in Services (i.e. Net Services export) for October, 2019 is estimated at USD6.83 billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-November 2019-20* is estimated at USD54.06 billion as compared to USD82.47 billion in April-November 2018-19.

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

MERCHANDISE TRADE

EXPORTS & IMPORTS : (US $ Billion)
(PROVISIONAL)
	NOVEMBER	APRIL-NOVEMBER
EXPORTS(including re-exports)
2018-19	26.07	216.23
2019-20	25.98	211.93
%Growth 2019-20/ 2018-19	-0.34	-1.99
IMPORTS
2018-19	43.66	349.96
2019-20	38.11	318.78
%Growth 2019-20/ 2018-19	-12.71	-8.91
TRADE BALANCE
2018-19	-17.58	-133.74
2019-20	-12.12	-106.84

EXPORTS &IMPORTS: (Rs. Crore)
(PROVISIONAL)
	NOVEMBER	APRIL-NOVEMBER
EXPORTS(including re-exports)
2018-19	1,87,335.14	15,05,216.55
2019-20	1,85,644.81	14,89,793.87
%Growth 2019-20/ 2018-19	-0.90	-1.02
IMPORTS
2018-19	3,13,680.85	24,37,538.61
2019-20	2,72,274.45	22,39,900.18
%Growth 2019-20/ 2018-19	-13.20	-8.11
TRADE BALANCE
2018-19	-1,26,345.70	-9,32,322.06
2019-20	-86,629.64	-7,50,106.31

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)	October 2019	April-October 2019-20
EXPORTS (Receipts)	17.70	124.76
IMPORTS (Payments)	10.86	78.96
TRADE BALANCE	6.83	45.80

EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)	October 2019	April-October 2019-20
EXPORTS (Receipts)	1,25,725.53	8,74,938.73
IMPORTS (Payments)	77,177.20	5,53,723.83
TRADE BALANCE	48,548.33	3,21,214.90
Source: RBI Press Release dated 13^thDecember 2019

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

*Link for Quick Estimates