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TMI BlogINDIA’S FOREIGN TRADE: August 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... INDIA’S FOREIGN TRADE: August 2020 - News and Press Release Dated:- 15-9-2020 - News - India s overall exports (Merchandise and Services combined) in April-August2020-21* are estimated to be USD 182.13billion, exhibiting a negative growth of (-)19.32per cent over the same period last year. Overall imports in April-August 2020-21* are estimated to be USD 167.94billion, exhibiting a negative growth of (-) 38.00per cent over the same period last year. *Note: i) The latest data for 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- -vis corresponding period of last year. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . MERCHANDISE TRADE EXPORTS (including re-exports) Exports inAugust2020 were USD22.70 billion, as compared to USD25.99billion in August 2019, exhibiting a negative growth of (-)12.66per cent. In Rupee terms, exports were ₹ 1,69,513.81crore in August2020, as compared to ₹ 1,84,921.23crore in August2019, registering a negative growth of (-)8.33per cent. Major commodities which have recorded positive growth during August 2020 vis- -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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oultry 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- -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 glas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sware (-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 USD97.66billion (₹ 7,35,835.87crore) as against USD133.14billion (₹ 9,28,243.85crore) during the period April-August 2019-20, registering a negative growth of (-)26.65per cent in Dollar terms (negative growth of (-)20.73per cent in Rupee terms). Non-petroleum and Non-Gems and Jewellery exports in August 2020 were USD18.95billion, as compared to USD19.57billion in August2019, registering a negative growth of (-) 3.17per cent. Non-petroleum and Non-Gems and Jewellery exports in April-August 2020-21 were USD83.24billion, as compared to USD99.65billion for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corresponding period in 2019-20, which is a decrease of (-)16.47 per cent. IMPORTS Imports in August2020 were USD29.47billion (₹ 2,20,083.69crore), which is a decline of(-) 26.04per cent lower in Dollar terms and (-) 22.38per cent in Rupee terms over imports of USD39.85billion (₹ 2,83,530.41crore) in August2019. Cumulative value of imports for the period April-August 2020-21 was USD118.38billion (₹ 8,91,978.43crore), as against USD210.39billion (₹ 14,66,659.90crore) during the period April-August 2019-20, registering a negative growth of (-)43.73per cent in Dollar terms and a negative growth of (-)39.18per cent in Rupee terms. Major commodity groups of import showing negative growth in Aug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ust2020 over the corresponding month of last year are: CRUDE OIL AND NON-OIL IMPORTS: Oil imports inAugust2020 were USD6.42billion (₹ 47,948.84crore), which was 41.62percentlower in Dollar terms (38.73percent lower in Rupee terms), compared to USD11.00billion (₹ 78,255.69crore) in August2019. Oil imports inApril-August 2020-21 were USD26.03billion (₹ 1,96,183.35crore) which was 53.61per cent lower in Dollar terms (49.86percent lower in Rupee terms) compared to USD56.11billion (₹ 3,91,293.04crore), over the same period last year. In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 25.30% in August2020 vis- -vis August2019 as per data available from W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orld Bank. Non-oil imports inAugust2020 were estimated at USD23.05billion (₹ 1,72,134.85crore) which was 20.10per cent lower in Dollar terms (16.14percent lower in Rupee terms), compared to USD28.85billion (₹ 2,05,274.71crore) in August2019. Non-oil imports inApril-August 2020-21 were USD92.35billion (₹ 6,95,795.08crore) which was 40.14per cent lower in Dollar terms (35.30percent lower in Rupee terms), compared to USD154.28billion (₹ 10,75,366.86crore) in April-August2019-20. Non-Oil and Non-Gold imports wereUSD19.35billion in August2020, recording a negative growth of (-)29.61per cent, as compared to Non-Oil and Non-Gold importsof USD 27.49billion in August2019. Non-Oil and Non-Gold imports wereUSD86.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7billion in April-August 2020-21, recording a negative growth of (-)38.34 per cent, as compared to Non-Oil and Non-Gold importsUSD 139.75billion in April-August 2019-20. II. TRADE IN SERVICES EXPORTS (Receipts) As per the latest press release by RBI dated 15 th September 2020, exports in July2020 were USD 17.03billion (₹ 1,27,721.26 crore) registering a negative growth of (-) 10.76per cent in dollar terms, vis- -vis July2019. The estimated value of services export for August2020* is USD 17.23billion. IMPORTS (Payments) As per the latest press release by RBI dated 15 th September 2020 imports in July 2020 were USD 10.05 billion (₹ 75,345.87 crore) registering a negative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... growth of (-)21.69per cent in dollar terms, vis- -vis July2019. The estimated value of service import for August2020* is USD 10.31billion. III.TRADE BALANCE MERCHANDISE : The trade deficit for August2020 was estimated at USD6.77billion as against the deficit of USD13.86billion inAugust2019, which is a decline of (-) 51.14 percent. SERVICES : As per RBI s Press Release dated 15 th September 2020 the trade balance in Services (i.e. Net Services export) for July 2020 is USD6.98 billion. The estimated trade balance in August 2020* is USD 6.92 billion. OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April-August 2020-21* is estimated at USD14.20billion a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s compared to the deficit of USD45.11billion in April-August 2019-20. *Note: The latest data for services sector released by RBI is for July2020. The data for August2020 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) 10.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 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 15 th September2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Click here to see QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR AUGUST 2020 - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... 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