India exports contract 1.66 per cent in January YoY

India’s merchandise exports contracted for the sixth month in a row by 1.66 per cent to $25.97 billion in January 2020, as compared to the same period last year, on account of a substantial drop in shipments of petroleum, plastic, carpet, gems and jewellery as well as leather products. Trade deficit and gap between imports and exports, widened to $15.17 billion in January from $15.05 billion a year ago.

As per the data released by Commerce Ministry, the merchandise exports fell by 1.66 per cent to $25.97 billion in January 2020, as compared to $26.41 billion in the same month a year ago. In terms of Rupees, it was down by 0.86 per cent to Rs 1,85,204 crore in January 2020, as compared to Rs 1,86,801.37 crore in January 2019. Cumulative value of exports for the period April-January 2019-20 was $265.26 billion, as against $270.49 billion during the period of April-January 2018-19, showing a decline of 1.93 per cent. In Rupee terms, it was down by 1.02 per cent to Rs 18,69,762.61 crore from Rs 18,89,062.68 crore.

Non-petroleum and non-gems and jewellery exports in January 2020 stood at $19.79 billion vs $19.94 billion in January 2019, exhibiting a decline of 0.78 per cent. Non-petroleum and non-gems and jewellery exports in April-January 2019-20 were $197.60 billion vs $197.59 billion for the corresponding period in 2018-19.

On the other hand, imports during January 2020, decreased by 0.75 per cent to $41.14 billion, as compared to $41.46 billion in January 2019, while in Rupee terms, it was up by 0.07 per cent to Rs 2,93,418.56 crore from Rs 2,93,225.37 crore in January 2019. Cumulative value of imports for the period April-January 2019-20 was $398.53 billion, as against $433.77 billion during the period April-January 2018-19, registering a negative growth of 8.12 per cent. In Rupee terms, it was Rs 28,08,202.38 crore, down by 7.33 per cent from Rs 30,30,317.38 crore in the same period last year.

Oil imports in January 2020 were $12.97 billion, which were 15.27 per cent higher, compared to $11.25 billion in January 2019. Oil imports in April-December 2019-20 were $108.66 billion, which was 9.24 per cent lower as compared to $119.72 billion, over the same period last year. Non-oil imports during January 2020 were estimated at $28.17 billion, which was 6.72 per cent lower than non-oil imports of $30.20 billion in January 2019. Non-Oil and non-gold imports were $26.59 billion in January 2020, down by 4.66 per cent over the same period last year. Non-oil and non-gold imports were $265.23 billion in April-January 2019-20, down by 7.59 per cent, over the same period last year.