New Delhi: With rising oil import bill, India’s overall trade deficit, which includes merchandise and service, for April-May 2019-20 has widened to USD17.42billion as compared to USD15.72 billion in April-May 2018-19. The trade deficit (merchandise) for May 2019 was estimated at USD15.36billion as against the deficit of USD14.62billion in May 2018, according to the data released by the union ministry of commerce and Industry.
Overall exports (Merchandise and Services combined) in April-May 2019-20 are estimated to be USD 92.33billion, exhibiting a positive growth of 4.32per cent over the same period last year. Overall imports in April-May 2019-20 are estimated to be USD 109.75billion, exhibiting a positive growth of 5.30per cent over the same period last year.
Exports in May 2019 were USD29.99billion, as compared to USD28.86billion in May 2018, exhibiting a positive growth of 3.93per cent. In Rupee terms, exports were Rs. 2,09,280.62 crore in May 2019, as compared to Rs. 1,94,928.45crore in May 2018, registering a positive growth of 7.36per cent.
Cumulative value of exports for the period April-May 2019-20 was USD56.07billion (Rs.3,90,301.96 crore) as against USD54.77billion (Rs.3,64,981.41 crore) during the period April-May 2018-19, registering a positive growth of 2.37per cent in Dollar terms (6.94per cent in Rupee terms).
Meanwhile, Imports in May 2019 were USD45.35billion (Rs. 3,16,448.93 crore), which was 4.31per cent higher in Dollar terms and 7.76per cent higher in Rupee terms over imports of USD43.48billion (Rs.2,93,660.48 crore) in May 2018. Cumulative value of imports for the period April-May 2019-20 was USD86.75billion (Rs.6,03,881.86 crore), as against USD83.11billion (Rs.5,53,745.15 crore) during the period April-May 2018-19, registering a positive growth of 4.39per cent in Dollar terms (9.05per cent in Rupee terms).
India’s Oil imports in May 2019 were USD12.44billion (Rs. 86,822.36 crore), which was 8.23percent higher in Dollar terms (11.81percent higher in Rupee terms), compared to USD11.50billion (Rs. 77,654.11 crore) in May 2018. Oil imports in April-May 2019-20 were USD23.82billion (Rs. 1,65,811.82 crore) which was 8.72per cent higher in Dollar terms (13.57percent higher in Rupee terms) compared to USD21.91billion (Rs. 1,45,998.35 crore), over the same period last year.