India's merchandise exports up 2.2% in July 2019

Trade deficit dips to US$ 13.43 in July 2019

India's merchandise exports increased 2.2% to US$ 26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to US$ 39.76 billion. The trade deficit narrowed 27.9% to US$ 13.43 billion in July 2019 from US$ 18.01 billion in July 2018.

Oil imports declined 22.1% to US$ 9.60 billion, while the non-oil imports dipped 5.9% to US$ 30.16 billion in July 2019 over July 2018. The share of oil imports in total imports was 24.1% in July 2019, compared with 28.2% in July 2018.

Among the non-oil imports, the major contributors to the overall dip in imports were electronic goods imports declining 1.7% to US$ 5.02 billion, coal, coke & briquettes etc 0.5% to US$ 2.05 billion, organic & inorganic chemicals 7.0% to US$ 1.90 billion and pearls, precious & semi-precious stones 31.0% to US$ 1.73 billion, while imports of gold also declined 42.2% to US$ 1.71 billion, iron & steel 1.6% to US$ 1.58 billion, transport equipment 16.6% to US$ 1.56 billion and artificial resins, plastic materials etc 7.5% to US$ 1.27 billion.

Further, the imports of non-ferrous metals declined 8.8% to US$ 1.18 billion, wood & wood products 1.4% to US$ 0.51 billion and metaliferrous ores & other minerals 37.1% to US$ 0.48 billion.

However, the imports have increased for electrical & non-electrical machinery by 1.5% to US$ 3.20 billion, vegetable oil 21.3% to US$ 0.86 billion, chemical material & products 12.2% to US$ 0.71 billion, crude & manufactured fertilizers 3.3% to US$ 0.64 billion, medicinal & pharmaceutical products 4.3% to US$ 0.61 billion and silver 230.7% to US$ 0.52 billion in July 2019.

On exports front, the electronic goods recorded an increase in exports by 51.4% to US$ 1.02 billion, followed by drugs & pharmaceuticals 21.7% to US$ 1.72 billion, organic & inorganic chemicals 13.4% to US$ 1.89 billion, iron ore 297.9% to US$ 0.27 billion, and spices 59.8% to US$ 0.42 billion. The exports also increased for RMG of all textiles by 7.1% to US$ 1.36 billion, ceramic products & glassware 37.7% to US$ 0.25 billion, mica, coal & other ores, minerals including processed minerals 15.3% to US$ 0.37 billion, man-made yarn/fabrics/made-ups etc 6.1% to US$ 0.40 billion, and marine products 3.3% to US$ 0.59 billion.

However, the exports declined for gems & jewellery by 6.8% to US$ 2.98 billion, petroleum products 5.0% to US$ 3.65 billion, rice 22.4% to US$ 0.51 billion, engineering goods 1.7% to US$ 6.16 billion and cotton yarn/fabrics/made-ups, handloom products etc 10.0% to US$ 0.82 billion in July 2019. Further, the exports of meat, dairy & poultry products also fell 17.9% to US$ 0.31 billion, oil meals 28.1% to US$ 0.08 billion, plastic & linoleum 4.2% to US$ 0.65 billion, and leather & leather products 3.7% to US$ 0.46 billion in July 2019.

Merchandise exports in rupees rose 2.4% to Rs 181190 crore, while imports dipped 10.3% to Rs 273580 crore in July 2019 over July 2018. The trade deficit dipped to Rs 92389 crore in July 2019 compared with Rs 123743 crore in July 2018.

India's merchandise exports fell 0.8% to US$ 107.41 billion, while merchandise imports declined 2.9% to US$ 166.80 billion in April-July 2019. The decline in imports was driven by a 5.4% fall in oil imports to US$ 44.45 billion. India's merchandise trade deficit eased to US$ 59.39 billion in April-July 2019 from US$ 62.95 billion in April-July 2018.

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