Merchandise exports dip 60.3% in April 2020

Trade deficit dips 55.9% to US$ 6.76 billion in April 2020

India's merchandise exports dipped 60.3% to US$ 10.36 billion in April 2020 over a year ago. Meanwhile, merchandise imports also declined 58.6% to US$ 17.12 billion. The trade deficit fell 55.9% to US$ 6.76 billion in April 2020 from US$ 15.33 billion in April 2019.

Oil imports declined 59.0% to US$ 4.66 billion, while the non-oil imports dipped 58.5% to US$ 12.46 billion in April 2020 over April 2019. The share of oil imports in total imports was 27.2% in April 2020, compared with 27.5% in April 2019. The price of India's basket of crude oil plunged 72.0% to US$ 19.90 per barrel in April 2020 over April 2019.

Among the non-oil imports, the major contributors to the overall dip in imports were gold imports declining 99.9% to US$ 0.00 billion, electronic goods 62.7% to US$ 1.61 billion, pearls, precious & semi-precious stones 99.9% to US$ 0.00 billion, machinery, electrical & non-electrical 53.9% to US$ 1.42 billion and coal, coke & briquettes etc 48.8% to US$ 1.20 billion, while imports of iron & steel also slipped 52.6% to US$ 0.68 billion, non-ferrous metals 61.4% to US$ 0.45 billion, organic & inorganic chemicals 35.1% to US$ 1.30 billion and artificial resins, plastic materials, etc. 42.6% to US$ 0.75 billion.

Further, the imports of transport equipment declined 50.3% to US$ 0.54 billion, machine tools 61.8% to US$ 0.16 billion, professional instrument, optical goods etc 57.5% to US$ 0.18 billion and wood & wood products 48.9% to US$ 0.25 billion, while the imports of metaliferrous ores & other minerals also fell 44.7% to US$ 0.26 billion, silver 58.5% to US$ 0.10 billion, chemical material & products 23.2% to US$ 0.48 billion and dyeing/tanning/colouring materials 43.7% to US$ 0.15 billion in April 2020.

On exports front, the engineering goods recorded a dip in exports by 64.8% to US$ 2.35 billion, followed by gems & jewellery 98.7% to US$ 0.04 billion, petroleum products 66.2% to US$ 1.24 billion, rmg of all textiles 91.0% to US$ 0.13 billion, and organic & inorganic chemicals 41.9% to US$ 1.20 billion. The exports also declined for cotton yarn/fabrics/made-ups, handloom products etc. by 82.5% to US$ 0.15 billion, electronic goods 71.0% to US$ 0.21 billion, man-made yarn/fabrics/made-ups etc. 84.1% to US$ 0.06 billion, and leather & leather products 93.3% to US$ 0.02 billion.

Further, the exports declined for meat, dairy & poultry products by 60.3% to US$ 0.14 billion, marine products 43.9% to US$ 0.26 billion, ceramic products & glassware 76.7% to US$ 0.05 billion, mica, coal & other ores, minerals including processed minerals 60.4% to US$ 0.11 billion and plastic & linoleum 25.4% to US$ 0.48 billion in April 2020. The exports of handicrafts excluding handmade carpet also fell 91.8% to US$ 0.01 billion, carpet 91.7% to US$ 0.01 billion, and spices 32.2% to US$ 0.20 billion.

However, exports for iron ore improved 17.5% to US$ 0.23 billion and drugs & pharmaceuticals 0.3% to US$ 1.53 billion in April 2020.

Merchandise exports in rupees plunged 56.4% to Rs 78951 crore, while imports declined 54.6% to Rs 130525 crore in April 2020 over April 2019. The trade deficit eased to Rs 51574 crore in April 2020 compared with Rs 106412 crore in April 2019.

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