India's overall exports show 1.51% growth during April-October of FY20

New Delhi: India`s overall exports -- merchandise and services combined -- in April-October of 2019-20 financial year are estimated to be USD 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 USD 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 USD 26.38 billion as compared to USD 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.

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According to the Ministry of Commerce and Industry, cumulative value of exports for the period April-October 2019-20 was USD 185.95 billion (Rs 13,04,149.06 crore) as against USD 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 USD19.04 billion as compared to USD 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 USD 137.45 billion as compared to USD 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 USD 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 USD 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 USD 280.67 billion (Rs 19,67,625.73 crore) as against USD 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 USD9.63 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 USD 14.11billion (Rs 1,03,864.85 crore) in October last year. Oil imports in April-October 2019-20 were USD 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 USD 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 USD 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 USD 30.57 billion (Rs 2,25,108.71 crore) in October 2018. 

Non-oil imports in April-October 2019-20 were USD 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 USD 222.14 billion (Rs 15,39,495.20 crore) in April-October2018-19.

Non-oil and non-gold imports were USD 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 USD 28.82 billion in October last year. Non-oil and non-gold imports were USD 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 USD 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 USD 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 USD 17.22 billion.According to the ministry, the trade deficit for October this year in merchandise segment was estimated at USD 11.01 billion as against the deficit of USD 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 USD 6.44 billion.

The ministry said that taking merchandise and services together, the overall trade deficit for April-October 2019-20 is estimated at USD 49.45 billion as compared to USD 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.