TMI BlogINDIA’S FOREIGN TRADE: May 2020X X X X Extracts X X X X X X X X Extracts X X X X ..... INDIA’S FOREIGN TRADE: May 2020 - News and Press Release Dated:- 15-6-2020 - News - India s overall exports (Merchandise and Services combined) in April-May 2020-21* are estimated to be USD 61.57 billion, exhibiting a negative growth of (-) 33.66 per cent over the same period last year. Overall imports in April-May 2020-21* are estimated to be USD 57.19 billion, exhibiting a negative growth of (-) 48.31per cent over the same period last year. *Note: i) The latest data for services sector released by RBI is for April 2020. The data for May 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. MERCHANDISE T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RADE EXPORTS (including re-exports) Exports in May 2020 were USD19.05 billion, as compared to USD29.99 billion in May 2019, exhibiting a negative growth of (-)36.47per cent. In Rupee terms, exports were ₹ 1,44,166.01crore in May2020, as compared to ₹ 2,09,280.62 crore in May 2019, registering a negative growth of (-) 31.11per cent. Except for Iron ore, Drugs pharmaceuticals, Spices and Rice which registered a growth of 103.04%, 17.32%,10.55% and 7.64% respectively, all other commodity/commodity groups have registered negative growth in May 2020 vis-a-vis May 2019. Major commodity groups which have recorded negative growth during May 2020 vis- -vis May 2019 are Leather leather products (-75 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .07%), Handicrafts excl. hand made carpet(-72.77%), Gems jewellery (-68.83%), Petroleum products (-68.46%), RMG of all Textiles (-66.19%), Jute mfg. including floor covering (-65.7%), Man-made yarn/fabs./made-ups etc. (-58.63%), Meat, dairy poultry products (-56.38%), Other cereals (-49.53%), Cotton yarn/fabs./made-ups, handloom products etc. (-47.47%), Carpet (-46.18%), Electronic goods (-45.35%), Mica, Coal other ores, minerals including processed minerals (-35.57%), Ceramic products glassware (-33.48%), Cashew (-32.86%), Tea (-26.94%), Engineering goods (-24.25%), Oil Meals (-22.76%), Oil seeds (-18.41%), Marine products (-18.14%), Cereal preparations miscellaneous processed items (-17.44%), Tobacco (-13.75%), Organic inorgan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic chemicals (-12.71%), Plastic Linoleum (-6.55%), Coffee (-5.71%) and Fruits vegetables (-1.31%). Cumulative value of exports for the period April-May 2020-21 was USD29.41 billion (₹ 2,23,117.42crore) as against USD56.07billion (₹ 3,90,301.96crore) during the period April-May 2019-20, registering a negative growth of (-)47.54per cent in Dollar terms (negative growth of (-)42.83per cent in Rupee terms). Non-petroleum and Non-Gems and Jewellery exports in May 2020 were USD16.36billion, as compared to USD21.42billion in May2019, exhibiting a negative growth of (-) 23.61per cent. Non-petroleum and Non-Gems and Jewellery exports in April-May 2020-21 were USD25.44billion, as compared to USD40.96billion for the corre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sponding period in 2019-20, a decrease of (-) 37.89 per cent. IMPORTS Imports in May 2020 were USD22.20 billion (₹ 1,67,977.68 crore), which was 51.05 per cent lower in Dollar terms and 46.92 per cent lower in Rupee terms over imports of USD45.35 billion (₹ 3,16,448.93 crore) in May2019. Cumulative value of imports for the period April-May 2020-21 was USD39.32 billion (₹ 2,98,502.76crore), as against USD86.75 billion (₹ 6,03,881.86crore) during the period April-May 2019-20, registering a negative growth of (-)54.67per cent in Dollar terms (negative growth of (-)50.57per cent in Rupee terms). Major commodity groups of import showing negative growth in May2020 over the corresponding month of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... last year are: CRUDE OIL AND NON-OIL IMPORTS: Oil imports in May 2020 were USD3.49 billion (₹ 26,380.50 crore), which was 71.9 8 percent lower in Dollar terms (69.62 percent lower in Rupee terms), compared to USD12.44 billion (₹ 86,822.36crore) in May2019. Oil imports in April-May 2020-21 were USD8.15 billion (₹ 61,917.72crore) which was 65.79per cent lower in Dollar terms (62.66percent lower in Rupee terms) compared to USD23.82 billion (₹ 1,65,811.82crore), over the same period last year. In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 56.02% in May2020 vis- -vis May2019 as per data available from World Bank. Non-oil imports in May2020 were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estimated at USD18.71 billion (₹ 1,41,597.18crore) which was 43.13 per cent lower in Dollar terms (38.34percent lower in Rupee terms), compared to USD32.91 billion (₹ 2,29,626.57crore) in May 2019. Non-oil imports in April-May 2020-21 were USD 31.17 billion (₹ 2,36,585.04 crore) which was 50.46 per cent lower in Dollar terms (45.99 percent lower in Rupee terms), compared to USD62.93 billion (₹ 4,38,070.04 crore) in April-May 2019-20. Non-Oil and Non-Gold imports were USD 64 billion in May 2020, recording a negative growth of (-)33.74per cent, as compared to Non-Oil and Non-Gold imports of USD 28.13billion in May 2019. Non-Oil and Non-Gold imports were USD 31.10 billion in April-May 2020-21, recording a negativ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e growth of (-)42.61per cent, as compared to Non-Oil and Non-Gold imports USD 54.18 billion in April-May 2019-20. TRADE IN SERVICES EXPORTS (Receipts) As per the latest press release by RBI dated 15 th June 2020, exports in April2020 were USD 16.45 billion (₹ 125,409.04 crore) registering a negative growth of (-) 8.92 per cent in dollar terms, vis- -vis April2019. The estimated value of services export for May2020* is USD 15.70 billion. IMPORTS (Payments) As per the latest press release by RBI dated 15 th June 2020, imports in April 2020 were USD 9.30 billion (₹ 70,907.57crore) registering a negative growth of (-)18.43 per cent in dollar terms, vis- -vis Apr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il2019. The estimated value of service import for May2020* is USD 8.57 billion. III.TRADE BALANCE MERCHANDISE : The trade deficit for May2020 was estimated at USD3.15billion as against the deficit of USD15.36billion inMay2019. SERVICES : As per RBI s Press Release dated 15 th June 2020, the trade balance in Services (i.e. Net Services export) for April 2020 is estimated at USD7.15 billion. OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade surplus for April-May 2020-21* is estimated at USD4.37 billion as compared to the deficit of USD17.84 billion in April-May 2019-20. *Note: The latest data for services sector released by RBI is for April2020. The data ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for May2020 is an estimation, which will be revised based on RBI s subsequent release. MERCHANDISE TRADE EXPORTS IMPORTS : (US $ Billion) (PROVISIONAL) MAY APRIL-MAY EXPORTS(including re-exports) 2019-20 29.99 56.07 2020-21 19.05 29.41 %Growth 2020-21/ 2019-20 -36.47 -47.54 IMPORTS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019-20 45.35 86.75 2020-21 22.20 39.32 %Growth 2020-21/ 2019-20 -51.05 -54.67 TRADE BALANCE 2019-20 -15.36 -30.69 2020-21 -3.15 -9.91 EXPORTS IMPORTS: (Rs. Crore) (PROVISIONAL) MAY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... APRIL-MAY EXPORTS(including re-exports) 2019-20 2,09,280.62 3,90,301.96 2020-21 1,44,166.01 2,23,117.42 %Growth 2020-21/ 2019-20 -31.11 -42.83 IMPORTS 2019-20 3,16,448.93 6,03,881.86 2020-21 1,67,977.68 2,98,502.76 %Growth 2020-21/ 2019-20 -46.92 -50.57 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TRADE BALANCE 2019-20 -1,07,168.31 -2,13,579.90 2020-21 -23,811.67 -75,385.34 SERVICES TRADE EXPORTS IMPORTS (SERVICES) : (US $ Billion) (PROVISIONAL) April 2020 EXPORTS (Receipts) 16.45 IMPORTS (Payments) 9.30 TRADE BALANCE 7.15 EXPORTS IMPORTS (SERVICES): (Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Crore) (PROVISIONAL) April 2020 EXPORTS (Receipts) 125,409.04 IMPORTS (Payments) 70,907.57 TRADE BALANCE 54,501.47 Source: RBI Press Release dated 15 th June 2020 *Link for Quick Estimates: - 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
|
