India's overall export shows 1.51% growth during April-October

AFP New Delhi, Delhi, India Nov 15, 2019, 10.07 PM(IST)

File photo. Photograph:( Reuters )

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'The overall imports in April-October 2019-20 are estimated to be $359.68 billion, exhibiting a negative growth of 4.61 per cent over the same period last year,' said Ministry of Commerce and Industry.

India's overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be $310.23 billion, exhibiting a positive growth of 1.51 per cent over the last corresponding period, said the Ministry of Commerce and Industry in a statement on Friday.

"The overall imports in April-October 2019-20 are estimated to be $359.68 billion, exhibiting a negative growth of 4.61 per cent over the same period last year," added the ministry, saying that services data pertain to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated November 15, 2019.

Merchandise exports including re-exports in October were $26.38 billion as compared to $26.67billion in October last year, exhibiting a negative growth of 1.11 per cent. In rupee terms, exports were of Rs 1,87,382.29 crore in October this year as compared to Rs 1,96,406.43 crore in October 2018, registering a negative growth of 4.59 per cent, said the ministry.

According to the Ministry of Commerce and Industry, cumulative value of exports for the period April-October 2019-20 was $185.95 billion (Rs 13,04,149.06 crore) as against $190.15 billion (Rs 13,17,881.40 crore) during the period April-October 2018-19, registering a negative growth of 2.21 per cent in dollar terms (negative growth of 1.04 per cent in rupee terms).

Non-petroleum and non-gems and jewellery exports in October 2019 were $19.04 billion as compared to $18.93 billion in October 2018, exhibiting a positive growth of 0.59 per cent. Non-petroleum and non-gems and jewellery exports in April-October 2019-20 were $137.45 billion as compared to $137.93 billion for the corresponding period in 2018-19, a decrease of 0.35 per cent.

The ministry said that imports in October 2019 were $37.39billion (Rs 2,65,628.46 crore), which was 16.31per cent lower in dollar terms and 19.26 per cent lower in rupee terms over imports of $44.68 billion (Rs 3,28,973.56 crore) in October 2018.

The cumulative value of imports for the period April-October 2019-20 was $280.67 billion (Rs 19,67,625.73 crore) as against $306.31 billion (Rs 21,23,857.76 crore) during the period April-October 2018-19, registering a negative growth of 8.37per cent in dollar terms (negative growth of 7.36 per cent in rupee terms).

The oil imports in October 2019 were $9.63 billion (Rs 68,400.14 crore, which was 31.74 per cent lower in dollar terms (34.15per cent lower in rupee terms) as compared to $14.11billion (Rs 1,03,864.85 crore) in October last year.

Oil imports in April-October 2019-20 were $73.93 billion (Rs 5,18,270.66 crore), which was 12.16 per cent lower in dollar terms (11.31 per cent lower in rupee terms) as compared to $84.17 billion (Rs 5,84,362.56 crore), over the same period last year.

In this connection, it is mentioned that the global Brent price ($/bbl) has decreased by 26.22 per cent in October 2019 vis-a-vis October 2018 as per data available from the World Bank, said the ministry.

Non-oil imports in October this year were estimated at $27.76 billion (Rs 1,97,228.32 crore), which was 9.19 per cent lower in dollar terms (12.39 per cent lower in rupee terms as compared to $30.57 billion (Rs 2,25,108.71 crore) in October 2018.

Non-oil imports in April-October 2019-20 were $206.74 billion (Rs 14,49,355.07 crore), which was 6.93 per cent lower in dollar terms (5.86 per cent lower in rupee terms), as compared to $222.14 billion (Rs 15,39,495.20 crore) in April-October2018-19.

Non-oil and non-gold imports were $25.92 billion in October this year, recording a negative growth of 10.04 per cent, as compared to non-oil and non-gold imports of $28.82 billion in October last year.

Non-oil and non-gold imports were $189.10 billion in April-October 2019-20, recording a negative growth of 6.73 per cent, as compared to non-oil and non-gold imports $202.74 billion in April-October 2018-19.

As per the latest press release by the RBI issued on Friday, exports in September this year were $17.54 billion (Rs 1,25,090.78 crore) registering a positive growth of 7.05 per cent in dollar terms vis-a-vis September last year.

The estimated value of services export for October this year has been pegged at $17.22 billion.

According to the ministry, the trade deficit for October this year in merchandise segment was estimated at $11.01 billion as against the deficit of $18 billion in October last year.

As per the RBI`s press release dated November 15, the trade balance in services, that is, net services export, for September this year is estimated at $6.44 billion.

The ministry said that taking merchandise and services together, the overall trade deficit for April-October 2019-20 is estimated at $49.45 billion as compared to $71.45 billion in April-October 2018-19. The ministry said services data pertains to April-September 2019-20 as September 2019 is the latest data available as per the RBI's press release dated issued on November 15.