Fall in India’s merchandise exports eases in June (Lead)

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New Delhi, July 15 | The contraction in India’s exports narrowed down in June, as merchandise exports stood at $21.91 billion.

Accordingly, the contraction caused by Covid-19 pandemic narrowed down to (-) 12.41 per cent in June on a year-on-year basis from a (-) 36 per cent fall reported for May.

On a YoY basis, the country’s exports fell during the month under review to $21.91 billion from $25.01 billion reported for the corresponding period of the previous year.

In terms of sequential movement, the country’s merchandise exports in May had stood at $10.36 billion.

“Major commodity groups which have recorded positive growth during June 2020 vis-a-vis June 2019 are iron ore, oil seeds, rice, oil meal, spices, other cereals, organic and inorganic chemicals, cereals preparations and miscellaneous processed items, fruits and vegetables, drugs and pharmaceuticals, tobacco and coffee,” the Ministry of Commerce and Industry said in a statement.

According to the data, the non-petroleum and non-gems and jewellery exports in June 2020 were $18.48 billion, as compared to $19.15 billion in June 2019, exhibiting a negative growth of (-) 3.51 per cent.

However, country’s imports declined at a far higher rate than exports in June.

India’s June imports declined by (-) 47.59 per cent to $21.11 billion in May from $40.29 billion reported for the corresponding month of 2019.

In May, imports had declined by 51.05 per cent to $22.20 billion from $45.35 billion reported for the corresponding month of 2019.

“Oil imports in June 2020 were $4.93 billion which was 55.29 per cent lower in dollar terms compared to $11.03 billion in June 2019,” the statement said.

“Non-oil imports in June 2020 were estimated at $16.18 billion which was 44.69 per cent lower in dollar terms compared to $29.26 billion in June 2019.”

Besides, the non-oil and non-gold imports were $15.57 billion in June 2020, recording a negative growth of (-) 41.37 per cent, as compared to non-oil and non-gold imports of $26.57 billion in June 2019.

Source: IANS

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