INDIA’S FOREIGN TRADE: JUNE 2020

India’s overall exports (Merchandise and Services combined) in April-June2020-21* are estimated to be USD 101.02 billion, exhibiting a negative growth of (-)25.92 per cent over the same period last year. Overall imports in April-June 2020-21* are estimated to be USD 89.31 billion, exhibiting a negative growth of (-)45.10per cent over the same period last year.

*Note: i) The latest data for services sector released by RBI is for May 2020. The data for June 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 corresponding period of last year.

I. MERCHANDISE TRADE

EXPORTS (including re-exports)

• Exports inJune2020 were USD21.91billion, as compared to USD25.01billion in June 2019,exhibiting a negative growth of (-)12.41per cent. In Rupee terms, exports were ₹ 1,65,898.85crore in June2020, as compared to ₹ 1,73,682.55crore in June2019, registering a negative growth of (-) 4.48per cent.
• Major commodity groups which have recorded positive growth during June 2020 vis-à-vis June 2019 are Iron Ore (63.11%), Oil seeds (50.48%), Rice (32.72%), Oil meals (27.36%), Spices (22.92%), Other cereals  (19.35%), Organic & inorganic chemicals (19.06%), Cereal preparations & miscellaneous processed items (13.8%), Fruits & vegetables (11.01%), Drugs & pharmaceuticals (9.89%), Tobacco (3.56%) and Coffee (2.58%).
• Major commodity groups which have recorded negative growth during June 2020 vis-à-vis June 2019 are Gems & jewellery (-50.06%), Leather & leather products (-40.47%), RMG of all textiles (-34.84%), Man-made yarn/fabs./made-ups etc. (-31.98%), Petroleum products   (-31.65%), Cashew (-27.02%), Meat, dairy & poultry products (-25.88%), Handicrafts excl. hand-made carpet (-23.95%), Electronic goods (-22.52%), Jute mfg. including floor covering (-14.06%), Ceramic products & glassware (-10.91%), Carpet (-10.46%), Marine products (-9.74%), Tea (-8.01%), Engineering goods (-7.5%), Plastic & Linoleum (-4.4%), Cotton yarn/fabs./made-ups, handloom products etc. (-3.83%) and Mica, Coal & other ores, minerals including processed minerals (-1.13%).
• Cumulative value of exports for the period April-June 2020-21 was USD51.32billion (₹ 3,89,016.27crore) as against USD81.08billion (₹ 5,63,984.51crore) during the period April-June 2019-20, registering a negative growth of (-)36.71per cent in Dollar terms (negative growth of (-)31.02per cent in Rupee terms).
• Non-petroleum and Non-Gems and Jewellery exports in June 2020 were USD18.48billion, as compared to USD19.15billion in June2019, exhibiting a negative growth of (-) 3.51per cent. Non-petroleum and Non-Gems and Jewellery exports in April-June 2020-21 were USD43.91billion, as compared to USD60.10billion for the corresponding period in 2019-20, a decrease of (-) 26.94 per cent.

IMPORTS

• Imports in June2020 were USD21.11billion (₹ 1,59,892.42crore), which was 47.59per cent lower in Dollar terms and 42.85per cent lower in Rupee terms over imports of USD40.29billion (₹ 2,79,771.07crore) in June2019. Cumulative value of imports for the period April-June 2020-21 was USD60.44billion (₹ 4,58,395.18crore), as against USD127.04billion (₹ 8,83,652.93crore) during the period April-June 2019-20, registering a negative growth of  (-)52.43per cent in Dollar terms (negative growth of (-)48.12per cent in Rupee terms).
• Major commodity groups of import showing negative growth in June2020 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS:

• Oil imports inJune2020 were USD4.93billion (₹ 37,341.70crore), which was 55.29percentlower in Dollar terms (51.24percent lower in Rupee terms), compared to USD11.03billion (₹ 76,586.73crore) in June2019. Oil imports inApril-June 2020-21 were USD13.08billion (₹ 99,259.42crore) which was 62.47per cent lower in Dollar terms (59.05percent lower in Rupee terms) compared to USD34.85billion (₹ 2,42,398.55crore), over the same period last year.
• In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 36.92% in June2020 vis-à-vis June2019 as per data available from World Bank.
• Non-oil imports inJune2020 were estimated at USD16.18billion (₹ 1,22,550.72crore) which was 44.69per cent lower in Dollar terms (39.68percent lower in Rupee terms), compared to USD29.26billion (₹ 2,03,184.34crore) in June2019. Non-oil imports inApril-June 2020-21 were USD47.36billion (₹ 3,59,135.76crore) which was 48.63per cent lower in Dollar terms (43.99percent lower in Rupee terms), compared to USD92.19billion (₹ 6,41,254.38crore) in April-June2019-20.
• Non-Oil and Non-Gold imports wereUSD15.57billion in June2020, recording a negative growth of (-)41.37per cent, as compared to Non-Oil and Non-Gold importsof USD 26.57billion in June2019. Non-Oil and Non-Gold imports wereUSD46.67billion in April-June 2020-21, recording a negative growth of (-)42.20per cent, as compared to Non-Oil and Non-Gold importsUSD 80.75billion in April-June 2019-20.

II. TRADE IN SERVICES

EXPORTS (Receipts)

• As per the latest press release by RBI dated 15^thJuly 2020, exports in May2020 were USD 16.77 billion (₹ 1,26,851.39crore) registering a negative growth of (-) 10.24per cent in dollar terms, vis-à-vis May2019. The estimated value of services export for June2020* is USD 16.48 billion.

IMPORTS (Payments)

• As per the latest press release by RBI dated 15^th July 2020, imports in May 2020 were USD 9.94 billion (₹ 75,190.81 crore) registering a negative growth of (-)20.45per cent in dollar terms, vis-à-vis May2019. The estimated value of service import for June2020* is USD 9.64billion.

III.TRADE BALANCE

• MERCHANDISE: The trade surplus for June2020 was estimated at USD0.79billion as against the deficit of USD15.28billion inJune2019.This is the first time in the last decade that India is a net exporter.
• SERVICES: As per RBI’s Press Release dated 15^th July 2020, the trade balance in Services (i.e. Net Services export) for May 2020 is estimated at USD6.83 billion.
• OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April-June 2020-21* is estimated at USD11.70billion as compared to the deficit of USD26.32billion in April-June 2019-20.

 *Note: The latest data for services sector released by RBI is for May2020. The data for June2020 is an estimation, which will be revised based on RBI’s subsequent release.

MERCHANDISE TRADE  

SERVICES TRADE 

 *Link for Quick Estimates: