India’s Foreign Trade: December 2019

[MoC&I Press Releasse dated 15 January 2020]

India’s overall exports (Merchandise and Services combined) in April-December2019-20* are estimated to be USD 397.48 billion, exhibiting a positive growth of 0.93 per cent over the same period last year. Overall imports in April-December 2019-20* are estimated to be USD 455.14 billion, exhibiting a negative growth of (-)5.82 per cent over the same period last year.

*Note: The latest data for services sector released by RBI is for November 2019. The data for December 2019 is an estimation, which will be revised based on RBI’s subsequent release.

I. MERCHANDISE TRADE

Exports (including re-exports)

Exports in December 2019 were USD27.36 billion, as compared to USD27.86 billion in December 2018, exhibiting a negative growth of (-)1.80 per cent. In Rupee terms, exports were Rs. 1,94,764.74 crore in December 2019, as compared to Rs. 1,97,044.76 crore in December 2018, registering a negative growth of (-)1.16 per cent.

In December 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-December 2019-20 was USD239.29 billion (Rs.16,84,558.61 crore) as against USD244.08 billion (Rs.17,02,261.31 crore) during the period April-December 2018-19, registering a negative growth of (-) 1.96 per cent in Dollar terms (negative growth of (-)1.04 per cent in Rupee terms).

Non-petroleum and Non Gems and Jewellery exports in December 2019 were USD21.05 billion, as compared to USD21.16 billion in December 2018, exhibiting a negative growth of (-)0.54 per cent. Non-petroleum and Non Gems and Jewellery exports in April-December 2019-20 were USD177.81 billion, as compared to USD177.65 billion for the corresponding period in 2018-19, an increase of 0.09 per cent.

Imports

Imports in December 2019 were USD38.61 billion (Rs.2,74,883.64 crore), which was 8.83 per cent lower in Dollar terms and 8.24 per cent lower in Rupee terms over imports of USD42.35 billion (Rs.2,99,553.40 crore) in December 2018. Cumulative value of imports for the period April-December 2019-20 was USD357.39 billion (Rs.25,14,783.82 crore), as against USD392.31 billion (Rs.27,37,092.01 crore) during the period April-December 2018-19, registering a negative growth of (-)8.90 per cent in Dollar terms (negative growth of (-)8.12 per cent in Rupee terms).

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

Crude Oil and Non-Oil Imports:

Oil imports in December 2019 were USD10.69 billion (Rs. 76,136.69 crore), which was 0.83 percent lower in Dollar terms (0.18 percent lower in Rupee terms), compared to USD10.78 billion (Rs. 76,275.54 crore) in December2018. Oil imports in April-December 2019-20 were USD95.69 billion (Rs. 6,73,447.56 crore) which was 11.78 per cent lower in Dollar terms (11.13 percent lower in Rupee terms) compared to USD108.47 billion (Rs. 7,57,772.55crore), over the same period last year.

In this connection it is mentioned that the global Brent price ($/bbl) has increased by 16.63% in December 2019 vis-à-vis December 2018 as per data available from World Bank.

Non-oil imports in December 2019 were estimated at USD27.92billion (Rs. 1,98,746.95 crore) which was 11.56 per cent lower in Dollar terms (10.99 percent lower in Rupee terms), compared to USD31.57billion (Rs. 2,23,277.86 crore) in December 2018. Non-oil imports in April-December 2019-20 were USD261.70 billion (Rs. 18,41,336.26 crore) which was 7.80 per cent lower in Dollar terms (6.97 percent lower in Rupee terms), compared to USD283.84 billion (Rs. 19,79,319.46 crore) in April-December2018-19.

Non-Oil and Non-Gold imports wereUSD25.45 billion in December 2019, recording a negative growth of (-)12.24 per cent, as compared to Non-Oil and Non-Gold imports of USD 29.00 billion in December 2018. Non-Oil and Non-Gold imports wereUSD238.64 billion in April-December 2019-20, recording a negative growth of (-)7.90 per cent, as compared to Non-Oil and Non-Gold imports USD 259.11 billion in April-December 2018-19.

II. TRADE IN SERVICES

Exports (Receipts)

As per the latest press release by RBI dated 15^thJanuary 2020, exports in November2019 were USD 18.00 billion (Rs. 1,28,584.48 crore) registering a positive growth of 7.91 per cent in dollar terms, vis-à-vis November2018. The estimated value of services export for December 2019* is USD 17.92 billion.

Imports (Payments)

As per the latest press release by RBI dated 15^th January 2020, imports in November 2019 were USD 11.47 billion (Rs. 81,969.39 crore) registering a positive growth of 13.48 per cent in dollar terms, vis-à-vis November 2018. The estimated value of service Import for December 2019* is USD 11.32 billion.

III.TRADE BALANCE

Merchandise: The trade deficit for December 2019 was estimated at USD11.25 billion as against the deficit of USD14.49 billion in December 2018.

Services: As per RBI’s Press Release dated 15^th January2020, the trade balance in Services (i.e. Net Services export) for November, 2019 is estimated at USD6.52 billion.

Overall Trade Balance: Taking merchandise and services together, overall trade deficit for April-December 2019-20* is estimated at USD57.66 billion as compared to USD89.46 billion in April-December 2018-19.

*Note: The latest data for services sector released by RBI is for November 2019. The data for December 2019 is an estimation, which will be revised based on RBI’s subsequent release.

Merchandise Trade

Exports & Imports : (US $ Billion) (Provisional)
	December	April-December
Exports(including re-exports)
2018-19	27.86	244.08
2019-20	27.36	239.29
%Growth 2019-20/ 2018-19	-1.80	-1.96
Imports
2018-19	42.35	392.31
2019-20	38.61	357.39
%Growth 2019-20/ 2018-19	-8.83	-8.90
Trade Balance
2018-19	-14.49	-148.23
2019-20	-11.25	-118.10

Services Trade

Exports & Imports (Services) : (US $ Billion) (Provisional)
	November 2019	April-November 2019-20
Exports (Receipts)	18.00	140.27
Imports (Payments)	11.47	86.44
Trade Balance	6.52	53.83

Exports & Imports (Services): (Rs. Crore) (Provisional)
	November 2019	April-November 2019-20
Exports (Receipts)	1,28,584.48	9,86,225.58
Imports (Payments)	81,969.39	6,07,776.64
Trade Balance	46,615.09	3,78,448.94

Source: RBI Press Release dated 15^thJanuary 2020

*Note: The latest data for services sector released by RBI is for November 2019. The data for December 2019 is an estimation, which will be revised based on RBI’s subsequent release.