A significant decline was witnessed in shipments by key sectors like engineering, petroleum and textiles on weak global demand due to COVID-19.
Contracting for the third straight month, India's exports shrank 36.47% in May to US $19.05 billion, the data released by the government showed on Monday.
A significant decline was witnessed in shipments by key sectors like engineering, petroleum and textiles on weak global demand due to COVID-19. While the exports in dollar terms were $ 19.05 billion, it was Rs 1,44,166.01 crore in rupee terms, registering a negative growth of 31.11%. In comparison, exports in May 2019 was US $29.99 billion or Rs 2,09,280.62 crore.
Imports too plunged 51% to US $22.2 billion in May, leaving a trade deficit of US $3.15 billion, compared to US $15.36 billion in the same month previous year.
Except for Iron ore, Drugs & Pharmaceuticals, Spices and Rice which registered a growth of 103.04%, 17.32%, 10.55% and 7.64% respectively, all other commodity and commodity groups have registered negative growth in May 2020 vis-a-vis May 2019.
Major commodity groups which have recorded negative growth during May 2020 are Leather & leather products (-75.07%), Handicrafts excl. hand made carpet(-72.77%), Gems & jewellery (-68.83%), Petroleum products (-68.46%), RMG of all Textiles (-66.19%), Jute mfg. including floor covering (-65.7%), Man-made yarn/fabs./made-ups etc. (-58.63%), Meat, dairy & poultry products (-56.38%), Other cereals (-49.53%), Cotton yarn/fabs./made-ups, handloom products etc. (-47.47%), Carpet (-46.18%), Electronic goods (-45.35%), Mica, Coal & other ores, minerals including processed minerals (-35.57%), Ceramic products & glassware (-33.48%), Cashew (-32.86%), Tea (-26.94%), Engineering goods (-24.25%), Oil Meals (-22.76%), Oil seeds (-18.41%), Marine products (-18.14%), Cereal preparations & miscellaneous processed items (-17.44%), Tobacco (-13.75%), Organic & inorganic chemicals (-12.71%), Plastic & Linoleum (-6.55%), Coffee (-5.71%) and Fruits & vegetables (-1.31%), the data by Ministry of Commerce & Industry said.
Non-petroleum and Non-Gems and Jewellery exports in May were US $16.36billion, as compared to US $21.42 billion in May 2019, exhibiting a negative growth of -23.61%. Non-petroleum and Non-Gems and Jewellery exports in April-May 2020-21 were US $25.44 billion, as compared to US $40.96 billion for the corresponding period in 2019-20, a decrease of -37.89%.
Cumulative value of exports for the period April-May was US $29.41 billion (Rs 2,23,117.42crore) as against US $56.07 billion (Rs 3,90,301.96 crore) during the same period last year, registering a negative growth of -47.54% in Dollar terms and -42.83% in Rupee terms.
India’s overall exports (Merchandise and Services combined) in April-May are estimated to be US $61.57 billion, exhibiting a negative growth of -33.66% over the same period last year. Overall imports in April-May are estimated to be US $57.19 billion, exhibiting a negative growth of -48.31% over the same period last year.
Imports also saw a massive plunge as it came down US $22.20 billion (Rs 1,67,977.68 crore) in May against US $45.35 billion (Rs 3,16,448.93 crore) in May 2019. The fall in imports was 51.05% lower in Dollar terms and 46.92% lower in Rupee terms.
Cumulative value of imports for the period April-May 2020-21 was US $39.32 billion (Rs 2,98,502.76crore), as against US $86.75 billion (Rs 6,03,881.86crore) during the period April-May 2019-20, registering a negative growth of -54.67% in Dollar terms -50.57% in Rupee terms.
Oil imports in May were US $3.49 billion (Rs 26,380.50crore), which was 71.98% lower in Dollar terms and 69.62% lower in Rupee terms, compared to US $12.44 billion (Rs 86,822.36 crore) in May 2019. Oil imports in April-May 2020-21 were US $8.15 billion (Rs 61,917.72crore) which was 65.79% lower in Dollar terms (62.66% lower in Rupee terms) compared to US $23.82 billion (Rs 1,65,811.82crore), over the same period last year.
The global Brent price ($/bbl) has decreased by 56.02% in May 2020 vis-à-vis May 2019 as per data available from World Bank.
Non-oil imports in May2020 were estimated at US $18.71 billion (Rs 1,41,597.18 crore) which was 43.13% lower in Dollar terms (38.34% lower in Rupee terms), compared to US $32.91 billion (Rs 2,29,626.57 crore) in May2019. Non-oil imports in April-May 2020-21 were US $31.17 billion (Rs 2,36,585.04 crore) which was 50.46% lower in Dollar terms (45.99% lower in Rupee terms), compared to US $62.93 billion (Rs 4,38,070.04 crore) in April-May2019-20.
Non-Oil and Non-Gold imports were US $64 billion in May, recording a negative growth of -33.74%, as compared to Non-Oil and Non-Gold imports of US $28.13 billion for the same month last year. Non-Oil and Non-Gold imports were US $31.10 billion in April-May 2020-21, recording a negative growth of -42.61%, as compared to Non-Oil and Non-Gold imports US $54.18 billion in April-May 2019-20.
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