India's merchandise exports dip 34.6% in March 2020

Trade deficit declines to US$ 152.88 billion in April-March 2020 from US$ 182.19 billion in April-March 2019

India's merchandise exports dipped 34.6% to US$ 21.41 billion in March 2020 over a year ago. Meanwhile, merchandise imports also declined 28.7% to US$ 31.16 billion. The trade deficit fell 11.3% to US$ 9.76 billion in March 2020 from US$ 10.89 billion in March 2019.

Oil imports declined 15.0% to US$ 10.01 billion, while the non-oil imports dipped 33.8% to US$ 21.15 billion in March 2020 over March 2019. The share of oil imports in total imports was 32.1% in March 2020, compared with 27.0% in March 2019. The price of India's basket of crude oil plunged 50.0% to US$ 33.36 per barrel in March 2020 over March 2019.

Among the non-oil imports, the major contributors to the overall dip in imports were petroleum, crude & products imports declining 15.0% to US$ 10.01 billion, pearls, precious & semi-precious stones 53.5% to US$ 1.40 billion, electronic goods 29.1% to US$ 3.31 billion, machinery, electrical & non-electrical 31.7% to US$ 2.19 billion and iron & steel 45.8% to US$ 0.86 billion, while imports of organic & inorganic chemicals also slipped 29.1% to US$ 1.36 billion, coal, coke & briquettes, etc 23.5% to US$ 1.61 billion, artificial resins, plastic materials, etc 29.1% to US$ 0.94 billion and fertilisers, crude & manufactured 60.1% to US$ 0.22 billion. Further, the imports of non-ferrous metals declined 26.3% to US$ 0.82 billion, vegetable oil 29.7% to US$ 0.68 billion, metaliferrous ores & other minerals 47.3% to US$ 0.26 billion and wood & wood products 38.5% to US$ 0.31 billion, while the imports of machine tools also fell 41.9% to US$ 0.25 billion, professional instrument, optical goods, etc 32.3% to US$ 0.34 billion and medicinal & pharmaceutical products 24.8% to US$ 0.41 billion. However, the imports of transport equipment improved 11.9% to US$ 2.26 billion in March 2020.

On exports front, the engineering goods recorded a dip in exports by 42.3% to US$ 5.44 billion, followed by gems & jewellery 41.0% to US$ 2.02 billion, petroleum products 31.1% to US$ 2.49 billion, organic & inorganic chemicals 32.9% to US$ 1.56 billion, rmg of all textiles 34.9% to US$ 1.12 billion, and drugs & pharmaceuticals 22.8% to US$ 1.55 billion. The exports also declined for cotton yarn/fabrics/made-ups, handloom products etc by 32.2% to US$ 0.71 billion, plastic & linoleum 35.7% to US$ 0.49 billion, rice 28.3% to US$ 0.67 billion, and electronic goods 21.5% to US$ 0.73 billion.

Further, the exports declined for meat, dairy & poultry products by 45.5% to US$ 0.23 billion, mica, coal & other ores, minerals including processed minerals 34.1% to US$ 0.31 billion, leather & leather products 36.8% to US$ 0.26 billion, marine products 25.5% to US$ 0.39 billion and man-made yarn/fabrics/made-ups etc 24.8% to US$ 0.35 billion in March 2020.

Further, the exports of spices also fell 27.6% to US$ 0.28 billion, ceramic products & glassware 15.2% to US$ 0.21 billion, and fruits & vegetables 4.1% to US$ 0.30 billion. However, exports for iron ore improved 58.4% to US$ 0.24 billion in March 2020.

Merchandise exports in rupees plunged 30.0% to Rs 159158 crore, while imports rose declined 23.7% to Rs 231711 crore in March 2020 over March 2019. The trade deficit eased to Rs 72553 crore in March 2020 compared with Rs 75675 crore in March 2019.

India's merchandise exports fell 4.9% to US$ 314.31 billion, while merchandise imports declined 8.9% to US$ 467.19 billion in April-March 2020. The decline in imports was driven by a 8.0% fall in oil imports to US$ 129.43 billion. India's merchandise trade deficit eased to US$ 152.88 billion in April-March 2020 from US$ 182.19 billion in April-March 2019.

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