INDIA’S FOREIGN TRADE: April 2020
India’s overall exports (Merchandise and Services combined) in April 2020* are estimated to be USD 27.96 billion, exhibiting a negative growth of (-) 36.65per cent over the same period last year. Overall imports in April 2020* are estimated to be USD 27.80billion, exhibiting a negative growth of (-) 47.36 per cent over the same period last year.
*Note: The latest data for services sector released by RBI is for March2020. The data for April2020 is an estimation, which will be revised based on RBI’s subsequent release.
I. MERCHANDISE TRADE
EXPORTS (including re-exports)
Exports inApril2020 were USD10.36billion, as compared to USD26.07billion in April 2019, exhibiting a negative growth of (-)60.28per cent. In Rupee terms, exports were Rs. 78,951.41crore in April2020, as compared to Rs. 1,81,021.34crore in April2019, registering a negative growth of (-) 56.39per 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 and Drugs & Pharmaceuticals which registered a growth of 17.53% and 0.25% respectively, all other commodity/commodity groups have registered negative growth in April 2020 vis-a-visApril 2019.
Major commodity groups which have recorded negative export growth during April 2020 vis-à-vis April 2019 are Gems & jewellery (-98.74%), Leather & leather products (-93.28%), Handicrafts excl. hand made carpet (-91.84%), Carpet (-91.67%), RMG of all textiles (-91.04%), Jute mfg. including floor covering (-90.61%), Man-made yarn/fabs./made-ups etc. (-84.11%), Cotton yarn/fabs./made-ups, handloom products etc. (-82.46%), Ceramic products & glassware (-76.72%), Electronic goods (-71.04%), Tea (-68.89%), Tobacco (-68.47%), Cashew (-67.55%), Petroleum products (-66.22%), Engineering goods (-64.76%), Oil seeds (-62.33%), Mica, Coal & other ores, minerals including processed minerals (-60.41%), Meat, dairy & poultry products (-60.34%), Oil meals (-50.6%), Cereal preparations & miscellaneous processed items (-48.28%), Coffee (-44.22%), Marine products (-43.94%), Organic & inorganic chemicals (-41.93%), Other cereals (-40.86%), Spices (-32.18%), Plastic & Linoleum (-25.35%), Fruits & vegetables (-9.29%) and Rice (-7.04%).
Non-petroleum and Non-Gems and Jewellery exports in April 2020 were USD9.08billion, as compared to USD19.54billion in April2019, exhibiting a negative growth of (-) 53.54per cent.
Imports in April2020 were USD17.12 billion (Rs.1,30,525.08crore), which was 58.65per cent lower in Dollar terms and 54.59per cent lower in Rupee terms over imports of USD41.40billion (Rs2,87,432.93crore) in April2019.
Major commodity groups of import showing negative growth in April2020 over the corresponding month of last year are: