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TMI BlogINDIA’S FOREIGN TRADE: March 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... INDIA’S FOREIGN TRADE: March 2020 - News and Press Release Dated:- 15-4-2020 - News - India s overall exports (Merchandise and Services combined) in April-March 2019-20* are estimated to be USD 528.45 billion, exhibiting a negative growth of (-) 1.36per cent over the same period last year. Overall imports in April-March 2019-20* are estimated to be USD 598.61billion, exhibiting a negative growth of (-)6.33per cent over the same period last year. *Note: The latest data for services sector released by RBI is for February2020. The data for March2020 is an estimation, which will be revised based on RBI s subsequent release. I. MERCHANDISE TRADE EXPORTS (including re-exports) Exports inMarch2020 were US ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D21.41billion, as compared to USD32.72billion in March 2019, exhibiting a negative growth of (-) 34.57per cent. In Rupee terms, exports were ₹ 1,59,157.98crore in March2020, as compared to ₹ 2,27,318.25crore in March2019, registering a negative growth of (-) 29.98per 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, which registered a growth of 58.43%, all other commodity/commodity groups have registered negative growth in March 2020vis-a-vs March 2019. Major commodity groups which have recorded nega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive growth during March 2020 vis- -vis March 2019 are Oil meals (-69.85%), Meat, dairy poultry products (-45.48%), Engineering goods (-42.32%), Gems jewellery (-41.05%), Leather leather products (-36.78%), Plastic Linoleum (-35.67%), RMG of all textiles (-34.91%), Carpet (-34.72%), Mica, Coal other ores, minerals including processed minerals (-34.06%), Tea (-33.74%), Other cereals (-33.42%), Organic inorganic chemicals (-32.88%), Cotton yarn/fabs./made-ups, Handloom products etc. (-32.16%), Petroleum products (-31.12%) and Rice (-28.28%). Cumulative value of exports for the period April-March 2019-20 was USD314.31billion (₹ 22,26,566.71crore) as against USD330.08billion (₹ 23,07,726.19crore) during the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eriod April-March 2018-19, registering a negative growth of (-)4.78per cent in Dollar terms (negative growth of (-)3.52per cent in Rupee terms). Non-petroleum and Non-Gems and Jewellery exports in March 2020 were USD16.90billion, as compared to USD25.68billion in March2019, exhibiting a negative growth of (-) 34.19per cent. Non-petroleum and Non-Gems and Jewellery exports in April-March 2019-20 were USD235.73billion, as compared to USD243.27billion for the corresponding period in 2018-19, a decrease of (-) 3.10 per cent. IMPORTS Imports in March2020 were USD31.16billion (₹ 2,31,710.92crore), which was 28.72per cent lower in Dollar terms and 23.72per cent lower in Rupee terms over imports of USD43.72billion (S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 3,03,753.76crore) in March2019. Cumulative value of imports for the period April-March 2019-20 was USD467.19billion (₹ 33,07,977.05crore), as against USD514.08billion (₹ 35,94,674.61crore) during the period April-March 2018-19, registering a negative growth of (-)9.12per cent in Dollar terms (negative growth of (-)7.98per cent in Rupee terms). Major commodity groups of import showing negative growth in March2020 over the corresponding month of last year are: Rise in import in March 2020 was witnessed only in Transport equipment, which registered a growth of 11.94% over March 2019. CRUDE OIL AND NON-OIL IMPORTS: Oil imports inMarch2020 were USD10.01billion (₹ 74,462.00crore), which w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as 15.00percentlower in Dollar terms (9.03percent lower in Rupee terms), compared to USD11.78billion (₹ 81,857.53crore) in March2019. Oil imports in April-March 2019-20 were USD129.43billion (₹ 9,17,306.25crore) which was 8.15per cent lower in Dollar terms (6.99percent lower in Rupee terms) compared to USD140.92billion (₹ 9,86,275.06crore), over the same period last year. In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 50.34% in March2020 vis- -vis March2019 as per data available from World Bank. Non-oil imports inMarch2020 were estimated at USD21.15billion (₹ 1,57,248.92crore) which was 33.78per cent lower in Dollar terms (29.13percent lower in Rupee terms), comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ared to USD31.94billion (₹ 2,21,896.23crore) in March2019. Non-oil imports in April-March 2019-20 were USD337.76billion (₹ 23,90,670.80crore) which was 9.49per cent lower in Dollar terms (8.35percent lower in Rupee terms), compared to USD373.16billion (₹ 26,08,399.55crore) in April-March2018-19. Non-Oil and Non-Gold imports wereUSD19.92billion in March2020, recording a negative growth of (-)30.47per cent, as compared to Non-Oil and Non-Gold importsof USD 28.65billion in March2019. Non-Oil and Non-Gold imports wereUSD309.53billion in April-March 2019-20, recording a negative growth of (-)9.03per cent, as compared to Non-Oil and Non-Gold importsUSD 340.25billion in April-March 2018-19. II. TRADE IN SERVICES ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... EXPORTS (Receipts) As per the latest press release by RBI dated 15th April 2020, exports in February2020 were USD 17.73billion (₹ 1,26,713.37crore) registering a positive growth of 6.88per cent in dollar terms, vis- -vis February2019. The estimated value of services export for March2020* is USD 17.69billion. IMPORTS (Payments) As per the latest press release by RBI dated 15th April 2020, imports in February 2020 were USD 11.07billion (₹ 79,116.32crore) registering a positive growth of 12.82per cent in dollar terms, vis- -vis February2019. The estimated value of service import for March2020* is USD 10.97billion. III.TRADE BALANCE MERCHANDISE : The trade deficit for March2020 was e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stimated at USD 9.76billion as against the deficit of USD11.00billion inMarch2019. SERVICES : As per RBI s Press Release dated 15th April 2020, the trade balance in Services (i.e. Net Services export) for February 2020 is estimated at USD6.66billion. OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-March 2019-20* is estimated at USD70.16billion as compared to USD103.32billion in April-March 2018-19. *Note: The latest data for services sector released by RBI is for February2020. The data for March2020 is an estimation, which will be revised based on RBI s subsequent release. MERCHANDISE TRADE EXPORTS IMPORTS : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (US $ Billion) (PROVISIONAL) MARCH APRIL-MARCH EXPORTS(including re-exports) 2018-19 32.72 330.08 2019-20 21.41 314.31 %Growth 2019-20/ 2018-19 -34.57 -4.78 IMPORTS 2018-19 43.72 514.08 2019-20 31.16 467.19 %Gro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wth 2019-20/ 2018-19 -28.72 -9.12 TRADE BALANCE 2018-19 -11.00 -184.00 2019-20 -9.76 -152.88 EXPORTS IMPORTS: (Rs. Crore) (PROVISIONAL) MARCH APRIL-MARCH EXPORTS(including re-exports) 2018-19 2,27,318.25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 23,07,726.19 2019-20 1,59,157.98 22,26,566.71 %Growth 2019-20/ 2018-19 -29.98 -3.52 IMPORTS 2018-19 3,03,753.76 35,94,674.61 2019-20 2,31,710.92 33,07,977.05 %Growth 2019-20/ 2018-19 -23.72 -7.98 TRADE BALANCE 2018-19 -76,435.51 -12,86,948.42 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019-20 -72,552.94 -10,81,410.34 SERVICES TRADE EXPORTS IMPORTS (SERVICES) : (US $ Billion) (PROVISIONAL) February 2020 April-February 2019-20 EXPORTS (Receipts) 17.73 196.44 IMPORTS (Payments) 11.07 120.45 TRADE BALANCE 6.66 76.00 EXPORTS IMPORTS (SERVICES): (Rs. Crore) (PROVISIONAL) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... February 2020 April-February 2019-20 EXPORTS (Receipts) 1,26,713.37 13,86,895.98 IMPORTS (Payments) 79,116.32 8,50,362.57 TRADE BALANCE 47,597.04 5,36,533.41 Source: RBI Press Release dated 15 th April 2020 *Note: The latest data for services sector released by RBI is for February2020. The data for March2020 is an estimation, which will be revised based on RBI s subsequent release. QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR MARCH 2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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