Explained in 8 charts: How India fared on the trade front in FY19

As imports moderated faster than exports, it helped restrict growth in the trade deficit

India’s foreign trade moderated towards the end of FY19. It prompted the monetary policy committee of the Reserve Bank of India to send a worry signal in its April meeting. 

But as imports moderated faster than exports, as Chart 1 shows, it helped restrict growth in the trade deficit, reveals Chart 2. Growth in imports dropped from 21 per cent in FY18 to 9 per cent in FY19.  

While non-oil and non-gems and jewellery exports grew as fast as overall exports, non-oil non-gold imports grew slower than overall imports in FY19, as Chart 3 indicates. Chart 4 further corroborates this,