India’s Foreign Trade: October 2019

India’s Foreign Trade: October 2019

India’s overall exports (Merchandise and Services combined) in April-October 2019-20* are estimated to be USD 310.23 billion, exhibiting a positive growth of 1.51per cent over the same period last year. Overall imports in April-October 2019-20* are estimated to be USD 359.68 billion, exhibiting a negative growth of 4.61per cent over the same period last year.

*Note: Services data pertains to April-September 2019-20 as September 2019 is the latest data available as per RBI’s Press Release dated 15th November 2019. It is arrived at by adding quarterly data of RBI for Q1 of 2019-20 with Month-wise QE data of RBI’s press release for July, August and September 2019-20. This data is provisional and subject to revision by RBI. In addition, it may be noted that data for October 2019 is estimated and added to the April-September 2019-20 data of RBI to calculate the Overall Trade Deficit for April-October 2019-20. It will be revised based on RBI’s next press release for October 2019.

 I. MERCHANDISE TRADE

EXPORTS (including re-exports)

Exports in October 2019 were USD26.38 billion, as compared to USD26.67 billion in October 2018, exhibiting a negative growth of 1.11 per cent. In Rupee terms, exports were Rs. 1,87,382.29 crore in October 2019, as compared to Rs. 1,96,406.43 crore in October 2018, registering a negative growth of 4.59 per cent.

In October 2019, major commodity groups of export showing positive growth over the corresponding month of last year are

Cumulative value of exports for the period April-October 2019-20 was USD185.95 billion (Rs.13,04,149.06 crore) as against USD190.15 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 USD19.04 billion, as compared to USD18.93 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 USD137.45 billion, as compared to USD137.93 billion for the corresponding period in 2018-19, a decrease of 0.35 per cent.
India’s+Foreign+Trade
IMPORTS

Imports in October 2019 were USD37.39 billion (Rs.2,65,628.46 crore), which was 16.31 per cent lower in Dollar terms and 19.26 per cent lower in Rupee terms over imports of USD44.68  billion (Rs.3,28,973.56 crore) in October 2018. Cumulative value of imports for the period April-October 2019-20 was USD280.67 billion (Rs.19,67,625.73 crore), as against USD306.31 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).

Major commodity groups of import showing negative growth in October 2019 over the corresponding month of last year are:

CRUDE OIL AND NON-OIL IMPORTS

Oil imports inOctober 2019 were USD9.63 billion (Rs. 68,400.14 crore), which was 31.74 percentlower in Dollar terms (34.15percent lower in Rupee terms), compared to USD14.11 billion (Rs. 1,03,864.85 crore) in October 2018. Oil imports in April-October 2019-20 were USD73.93 billion (Rs. 5,18,270.66 crore) which was 12.16 per cent lower in Dollar terms (11.31 percent lower in Rupee terms) compared to USD84.17 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% in October 2019 vis-à-vis October 2018 as per data available from World Bank.

Non-oil imports in October 2019 were estimated at USD27.76 billion (Rs. 1,97,228.32 crore) which was 9.19 per cent lower in Dollar terms (12.39 percent lower in Rupee terms), compared to USD30.57 billion (Rs. 2,25,108.71 crore) in October 2018. Non-oil imports in April-October 2019-20 were USD206.74 billion (Rs. 14,49,355.07 crore) which was 6.93 per cent lower in Dollar terms (5.86 percent lower in Rupee terms), compared to USD222.14 billion (Rs. 15,39,495.20 crore) in April-October 2018-19.

Non-Oil and Non-Gold imports were USD25.92 billion in October 2019, recording a negative growth of 10.04 per cent, as compared to Non-Oil and Non-Gold imports of USD 28.82 billion in October 2018. Non-Oil and Non-Gold imports were USD189.10 billion in April-October 2019-20, recording a negative growth of 6.73 per cent, as compared to Non-Oil and Non-Gold imports USD 202.74 billion in April-October 2018-19.

II. TRADE IN SERVICES

EXPORTS (Receipts)

As per the latest press release by RBI dated 15th November 2019, exports in September 2019 were USD 17.54 billion (Rs. 1,25,090.78 crore) registering a positive growth of 7.05 per cent in dollar terms, vis-à-vis September 2018. The estimated value of services export for October 2019* is USD 17.22 billion.

IMPORTS (Payments)

As per the latest press release by RBI dated 15thNovember 2019, imports in September 2019 were USD 11.10 billion (Rs. 79,151.87 crore) registering a positive growth of 11.56 per cent in dollar terms, vis-à-vis September 2018. The estimated value of service Import for October 2019* is USD 10.92 billion.

III.TRADE BALANCE
  • MERCHANDISE: The trade deficit for October 2019 was estimated at USD11.01billion as against the deficit of USD18.00billion inOctober 2018.
  • SERVICES: As per RBI’s Press Release dated 15thNovember 2019, the trade balance in Services (i.e. Net Services export) for September, 2019 is estimated at USD6.44billion.
  • OVERALL TRADE BALANCE: Taking merchandise and services together, overall trade deficit for April-October 2019-20* is estimated at USD49.45 billion as compared to USD71.45 billion in April-October 2018-19.
*Note: Services data pertains to April-September 2019-20 as September 2019 is the latest data available as per RBI’s Press Release dated 15th November 2019. It is arrived at by adding quarterly data of RBI for Q1 of 2019-20 with Month-wise QE data of RBI’s press release for July, August and September 2019-20. This data is provisional and subject to revision by RBI. In addition, it may be noted that data for October 2019 is estimated and added to the April-September 2019-20 data of RBI to calculate the Overall Trade Deficit for April-October 2019-20. It will be revised based on RBI’s next press release for October 2019.

MERCHANDISE TRADE

EXPORTS & IMPORTS : (US $ Billion)
(PROVISIONAL)
OCTOBER
APRIL-OCTOBER
EXPORTS(including re-exports)
2018-19
26.67
190.15
2019-20
26.38
185.95
%Growth 2019-20/ 2018-19
-1.11
-2.21
IMPORTS
2018-19
44.68
306.31
2019-20
37.39
280.67
%Growth 2019-20/ 2018-19
-16.31
-8.37
TRADE BALANCE
2018-19
-18.00
-116.15
2019-20
-11.01
-94.72
EXPORTS &IMPORTS: (Rs. Crore)
(PROVISIONAL)
OCTOBER
APRIL-OCTOBER
EXPORTS(including re-exports)
2018-19
1,96,406.43
13,17,881.40
2019-20
1,87,382.29
13,04,149.06
%Growth 2019-20/ 2018-19
-4.59
-1.04
IMPORTS
2018-19
3,28,973.56
21,23,857.76
2019-20
2,65,628.46
19,67,625.73
%Growth 2019-20/ 2018-19
-19.26
-7.36
TRADE BALANCE
2018-19
-1,32,567.13
-8,05,976.35
2019-20
-78,246.17
-6,63,476.67

SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
(PROVISIONAL)
September 2019
April-September 2019-20
EXPORTS (Receipts)
17.54
107.06
IMPORTS (Payments)
11.10
68.10
TRADE BALANCE
6.44
38.96
EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
(PROVISIONAL)
September 2019
April-September 2019-20
EXPORTS (Receipts)
1,25,090.78
7,49,213.20
IMPORTS (Payments)
79,151.87
4,76,546.62
TRADE BALANCE
45,938.90
2,72,666.58
Source: RBI Press Release dated 15thNovember 2019

Note: Services data pertains to April-September 2019-20 as September 2019 is the latest data available as per RBI’s Press Release dated 15thNovember 2019. It is arrived at by adding quarterly data of RBI for Q1 of 2019-20 with Month-wise QE data of RBI’s press release for July, August and September 2019. This has been used along with the estimate of service exports and imports for August 2019, as explained in page-1 for the purpose of this Press note

TRADE QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR OCTOBER 2019

EXPORT
Sl.
No.
Commodities (Values in Rs. crores) % change
OCT'18 OCT'19 OCT'19
1 Tea 573.52 519.22
-9.47
2 Coffee 368.01 371.03
0.82
3 Rice 3345.12 2274.59 -32.00
4 Other cereals 176.96 79.36 -55.15
5 Tobacco 520.70 516.84
-0.74
6 Spices 1955.30 1940.30
-0.77
7 Cashew 353.67 331.21
-6.35
8 Oil Meals 596.55 427.89 -28.27
9 Oil seeds 615.47 463.43 -24.70
10 Fruits & Vegetables 1370.89 1069.21 -22.01
11 Cereal preparations & miscellaneous processed items 993.55 899.55
-9.46
12 Marine Products 5084.65 5288.35
4.01
13 Meat, dairy & poultry products 2668.52 2443.85
-8.42
14 Iron Ore 961.31 1383.03 43.87
15 Mica, Coal & Other Ores, Minerals including processed minerals 2344.74 2171.15
-7.40
16 Leather & leather products 3034.80 2704.72 -10.88
17 Ceramic products & glassware 1673.80 1595.58
-4.67
18 Gems & Jewellery 25801.77 26391.24
2.28
19 Drugs & Pharmaceuticals 11146.65 12110.60
8.65
20 Organic & Inorganic Chemicals 13335.67 12976.86
-2.69
21 Engineering Goods 46944.14 45844.75
-2.34
22 Electronic Goods 5706.77 7621.29 33.55
23 Cotton Yarn/Fabs./made-ups, Handloom Products etc. 6707.52 6077.38
-9.39
24 Man-made Yarn/Fabs./made-ups etc. 3037.15 2909.86
-4.19
25 RMG of all Textiles 8327.80 7865.31
-5.55
26 Jute Mfg. including Floor Covering 191.78 203.08
5.89
27 Carpet 1013.31 812.70 -19.80
28 Handicrafts excl. handmade carpet 1078.94 1120.66
3.87
29 Petroleum Products 31253.97 25750.02 -17.61
30 Plastic & Linoleum 5311.78 4562.95 -14.10
Sub-Total 186494.82 178726.01
-4.17
GRAND TOTAL 196406.43 187382.29
-4.59
Note 1: Grand total is inclusive of component ‘Other’.
Note 2: The figures for OCT'19 and OCT'18 are provisional and subject to change

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR OCTOBER 2019

TRADE EXPORT
Sl.
No.
Commodities (Values in Million USD) % change
OCT'18 OCT'19 OCT'19
1
Tea 77.89 73.09 -6.16
2
Coffee 49.98 52.23
4.50
3
Rice 454.30 320.19 -29.52
4
Other cereals 24.03 11.17 -53.52
5
Tobacco 70.72 72.75
2.87
6
Spices 265.55 273.13
2.85
7
Cashew 48.03 46.62 -2.94
8
Oil Meals 81.02 60.23 -25.66
9
Oil seeds 83.59 65.24 -21.95
10 Fruits & Vegetables 186.18 150.51 -19.16
11 Cereal preparations & miscellaneous processed items 134.93 126.63 -6.15
12 Marine Products 690.55 744.42
7.80
13 Meat, dairy & poultry products 362.41 344.01 -5.08
14 Iron Ore 130.56 194.68 49.12
15 Mica, Coal & Other Ores, Minerals including processed minerals 318.44 305.63 -4.02
16 Leather & leather products 412.16 380.74 -7.62
17 Ceramic products & glassware 227.32 224.60 -1.20
18 Gems & Jewellery 3504.14 3715.01
6.02
19 Drugs & Pharmaceuticals 1513.83 1704.77 12.61
20 Organic & Inorganic Chemicals 1811.12 1826.71
0.86
21 Engineering Goods 6375.48 6453.43
1.22
22 Electronic Goods 775.04 1072.83 38.42
23 Cotton Yarn/Fabs./made-ups, Handloom Products etc. 910.95 855.49 -6.09
24 Man-made Yarn/Fabs./made-ups etc. 412.48 409.61 -0.69
25 RMG of all Textiles 1131.00 1107.18 -2.11
26 Jute Mfg. including Floor Covering 26.05 28.59
9.77
27 Carpet 137.62 114.40 -16.87
28 Handicrafts excl. handmade carpet 146.53 157.75
7.66
29 Petroleum Products 4244.60 3624.75 -14.60
30 Plastic & Linoleum 721.39 642.31 -10.96
Sub-Total 25327.85 25158.70 -0.67
GRAND TOTAL 26673.95 26377.23 -1.11
Note 1: Exports include Re-Exports.
Note 2: The figures for OCT'19 and OCT'18 are provisional and subject to change
Note 3: Grand total is inclusive of component ‘Other’.

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOR OCTOBER 2019


TRADE: IMPORT
Sl.
No.
Commodities (Values in Rs. crores) % change
OCT'18 OCT'19 OCT'19
1
Cotton Raw & Waste 258.83 807.72 212.07
2
Vegetable Oil 5446.77 6728.75 23.54
3
Pulses 827.63 1547.40 86.97
4
Fruits & vegetables 1816.13 1490.71 -17.92
5
Pulp and Waste paper 841.21 719.47 -14.47
6
Textile yarn Fabric, made-up articles 1264.18 1201.47
-4.96
7
Fertilisers, Crude & manufactured 3045.46 5490.79 80.29
8
Sulphur & Unroasted Iron Pyrites 72.62 110.88 52.68
9
Metaliferrous ores & other minerals 5188.70 2665.89 -48.62
10 Coal, Coke & Briquettes, etc. 16702.34 11482.46 -31.25
11 Petroleum, Crude & products 103864.85 68400.14 -34.15
12 Wood & Wood products 3755.77 3376.17 -10.11
13 Leather & leather products 615.30 559.73
-9.03
14 Organic & Inorganic Chemicals 15681.51 11439.09 -27.05
15 Dyeing/tanning/colouring materials 2172.01 1653.47 -23.87
16 Artificial resins, plastic materials, etc. 9971.05 8606.27 -13.69
17 Chemical material & products 5064.24 4345.00 -14.20
18 Newsprint 742.78 423.60 -42.97
19 Pearls, precious & Semi-precious stones 13384.42 10640.89 -20.50
20 Iron & Steel 10893.37 9011.61 -17.27
21 Non-ferrous metals 9598.52 7752.72 -19.23
22 Machine tools 3028.40 2671.75 -11.78
23 Machinery, electrical & non-electrical 21897.80 21030.99
-3.96
24 Transport equipment 16337.10 13453.07 -17.65
25 Project goods 1126.62 1236.75
9.78
26 Professional instrument, Optical goods, etc. 3188.68 2918.81
-8.46
27 Electronic goods 38410.43 33896.33 -11.75
28 Medicinal & Pharmaceutical products 3875.02 5048.50 30.28
29 Gold 12933.73 13069.99
1.05
30 Silver 3559.76 679.51 -80.91
Sub-Total 315565.21 252459.93 -20.00
GRAND TOTAL 328973.56 265628.46 -19.26
Note 1: Grand total is inclusive of component ‘Other’.
Note 2: The figures for OCT'19 and OCT'18 are provisional and subject to change

QUICK ESTIMATES FOR SELECTED MAJOR COMMODITIES FOROCTOBER2019


TRADE: IMPORT
Sl. No. Commodities (Values in Million USD) % change
OCT'18 OCT'19 OCT'19
1
Cotton Raw & Waste 35.15 113.70 223.46
2
Vegetable Oil 739.73 947.19 28.05
3
Pulses 112.40 217.82 93.79
4
Fruits & vegetables 246.65 209.84 -14.92
5
Pulp and Waste paper 114.24 101.28 -11.35
6
Textile yarn Fabric, made-up articles 171.69 169.13 -1.49
7
Fertilisers, Crude & manufactured 413.60 772.92 86.87
8
Sulphur & Unroasted Iron Pyrites
9.86
15.61 58.27
9
Metaliferrous ores & other minerals 704.68 375.27 -46.75
10
Coal, Coke & Briquettes, etc. 2268.34 1616.35 -28.74
11
Petroleum, Crude & products 14105.88 9628.48 -31.74
12
Wood & Wood products 510.07 475.25 -6.83
13
Leather & leather products 83.56 78.79 -5.71
14
Organic & Inorganic Chemicals 2129.70 1610.25 -24.39
15
Dyeing/tanning/colouring materials 294.98 232.75 -21.10
16
Artificial resins, plastic materials, etc. 1354.17 1211.48 -10.54
17
Chemical material & products 687.77 611.63 -11.07
18
Newsprint 100.88 59.63 -40.89
19
Pearls, precious & Semi-precious stones 1817.74 1497.89 -17.60
20
Iron & Steel 1479.43 1268.54 -14.25
21
Non-ferrous metals 1303.57 1091.33 -16.28
22
Machine tools 411.29 376.09 -8.56
23
Machinery, electrical & non-electrical 2973.94 2960.47 -0.45
24
Transport equipment 2218.74 1893.75 -14.65
25
Project goods 153.01 174.09 13.78
26
Professional instrument, Optical goods, etc. 433.05 410.87 -5.12
27
Electronic goods 5216.52 4771.48 -8.53
28
Medicinal & Pharmaceutical products 526.27 710.66 35.04
29
Gold 1756.53 1839.82 4.74
30
Silver 483.45 95.65 -80.22
Sub-Total 42856.90 35538.01 -17.08
GRAND TOTAL 44677.89 37391.71 -16.31

SOURCE :- PIC

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