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India’s Foreign Trade for October 2019 Stats on Exports & Imports

Nov 15, 2019: The data on foreign trade of India for the month of October-2019 as released by the Ministry of Commerce & Industry, Department of Commerce, Economic Division, is presented hereunder:—

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 1.51 per 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 4.61 per cent over the same period last year.

Data on Merchandise and Services Trade April to October 2019-20
*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 USD 26.38 billion, as compared to USD 26.67 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

October 2019, major commodity groups of export showing positive growth

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 USD 19.04 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.

IMPORTS

Imports in October 2019 were USD 37.39 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 USD 44.68 billion (Rs. 3,28,973.56 crore) in October 2018. 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 8.37 per 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:

Major commodity groups of import showing negative growth in October 2019

CRUDE OIL AND NON-OIL IMPORTS:

Oil imports in October 2019 were USD 9.63 billion (Rs. 68,400.14 crore), which was 31.74 percent lower in Dollar terms (34.15 percent lower in Rupee terms), compared to USD 14.11 billion (Rs. 1,03,864.85 crore) in October 2018. 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 percent lower in Rupee terms) 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% in October 2019 vis-à-vis October 2018 as per data available from World Bank.

Non-oil imports in October 2019 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 percent lower in Rupee terms), 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 percent lower in Rupee terms), compared to USD 222.14 billion (Rs. 15,39,495.20 crore) in April-October 2018-19.

Non-Oil and Non-Gold imports were USD 25.92 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 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.


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 15th November 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 USD 11.01 billion as against the deficit of USD 18.00 billion in October 2018.

SERVICES: As per RBI’s Press Release dated 15th November 2019, the trade balance in Services (i.e. Net Services export) for September, 2019 is estimated at USD 6.44 billion.

OVERALL TRADE BALANCE: Taking merchandise and services together, 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.

*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)
Merchandise Trade - Exports & Imports (US $ Billion) (Provisional) October 2019

EXPORTS & IMPORTS: (Rs. Crore)
(PROVISIONAL)
Merchandise Trade - Exports & Imports (Rs Crore) (Provisional) October 2019


SERVICES TRADE

EXPORTS & IMPORTS (SERVICES) : (US $ Billion)
Services Trade - Exports & Imports (Services) (US $ Billion) (Provisional) September 2019

EXPORTS & IMPORTS (SERVICES): (Rs. Crore)
Services Trade - Exports & Imports (Services) (Rs. Crore) (Provisional) September 2019

Source: RBI Press Release dated 15th November 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 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. 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.

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