India's merchandise exports decline 1.7% in January 2020

Trade deficit widens to US$ 15.17 billion in January 2020

India's merchandise exports declined 1.7% to US$ 25.97 billion in January 2020 over a year ago. Meanwhile, merchandise imports fell at slower pace of 0.7% to US$ 41.14 billion. The trade deficit rose 0.9% to US$ 15.17 billion in January 2020 from US$ 14.73 billion in January 2019.

Oil imports increased 15.3% to US$ 12.97 billion, while the non-oil imports dipped 6.7% to US$ 28.17 billion in January 2020 over January 2019. The share of oil imports in total imports was higher at 31.5% in January 2020, compared with 27.4% in January 2019.

Among the non-oil imports, the major contributors to the overall dip in imports were coal, coke & briquettes etc imports declining 24.4% to US$ 1.70 billion, iron & steel 25.3% to US$ 1.14 billion, organic & inorganic chemicals 12.0% to US$ 1.72 billion, electronic goods 4.7% to US$ 4.50 billion and non-ferrous metals 8.9% to US$ 1.15 billion, while imports of pearls, precious & semi-precious stones also declined 6.2% to US$ 1.46 billion, wood & wood products 15.0% to US$ 0.47 billion, crude & manufactured fertilisers 9.9% to US$ 0.67 billion, metaliferrous ores & other minerals 7.1% to US$ 0.47 billion and artificial resins, plastic materials etc 2.7% to US$ 1.26 billion.

However, the imports of petroleum, crude & products increased 15.3% to US$ 12.97 billion, project goods 206.6% to US$ 0.43 billion, machinery, electrical & non-electrical 4.0% to US$ 3.43 billion and vegetable oil 13.0% to US$ 0.84 billion. Further, the imports of transport equipment also moved up 2.1% to US$ 2.22 billion, chemical material & products 6.4% to US$ 0.71 billion and medicinal & pharmaceutical products 6.3% to US$ 0.55 billion in january 2020.

On exports front, the exports of gems & jewellery declined 11.6% to US$ 2.88 billion, followed by engineering goods 4.0% to US$ 6.24 billion, plastic & linoleum 20.2% to US$ 0.58 billion, rice 18.2% to US$ 0.60 billion, RMG of all textiles 5.0% to US$ 1.45 billion, and leather & leather products 7.7% to US$ 0.41 billion. The exports also declined for mica, coal & other ores, minerals including processed minerals by 7.6% to US$ 0.33 billion, fruits & vegetables 12.0% to US$ 0.18 billion, spices 4.6% to US$ 0.24 billion, meat, dairy & poultry products 2.6% to US$ 0.32 billion, and marine products 0.2% to US$ 0.43 billion.

However, the exports moved up for electronic goods by 32.8% to US$ 1.02 billion, drugs & pharmaceuticals 12.4% to US$ 1.78 billion, iron ore 105.6% to US$ 0.26 billion and petroleum products 2.9% to US$ 3.30 billion in january 2020. Further, the exports of organic & inorganic chemicals also improved 2.5% to US$ 1.90 billion, man-made yarn/fabrics/made-ups etc. 6.6% to US$ 0.45 billion, ceramic products & glassware 10.3% to US$ 0.25 billion, and cotton yarn/fabrics/made-ups, handloom products etc. 2.2% to US$ 0.91 billion in january 2020.

Merchandise exports in rupees declined 0.9% to Rs 185204 crore, while imports rose 0.1% to Rs 293419 crore in January 2020 over January 2019. The trade deficit rose to Rs 108215 crore in January 2020 compared with Rs 104159 crore in January 2019.

India's merchandise exports fell 2.1% to US$ 265.26 billion, while merchandise imports declined 7.9% to US$ 398.53 billion in April-January 2020. The decline in imports was driven by a 9.1% fall in oil imports to US$ 108.66 billion. India's merchandise trade deficit eased to US$ 133.27 billion in April-January 2020 from US$ 161.25 billion in April-January 2019.

Powered by Capital Market - Live News