India's Imports Tumble 40% In Dollar Terms During April-July 2020

India's exports contracted for the fifth straight month in July, falling by 10.21% to $26.33 billion. In rupee terms, exports stood at Rs 1,77,305.79 crore in July 2020, down 2.14%, as per the data released by the Commerce and Industry Ministry on Friday. The imports too contracted by 28.40% to $28.47 billion in July from $39.76 billion in the same month last year. In terms of rupee, imports were down 21.96 per cent YoY to Rs Rs 2,13,499.56 crore. The trade deficit for July was $4.83 billion as against a surplus of $790 million in June and a deficit of $13.43 billion in the year ago period. For the April-July period, the overall trade surplus was at $14.06 billion as compared to the deficit of $33.50 billion in April-July 2019-20. During the April-July period, India's overall exports (merchandise and services combined) stood at $141.82 billion, witnessing a negative growth of 21.99% over the same period last year. Overall imports were also down 40.66% YoY to $127.76 billion.

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