India’s merchandise exports contracted for the first time in nine months in June while imports shrank first time in four months.
India’s trade deficit for June 2019 narrowed by 7.98 per cent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed.
Data released by the commerce ministry showed exports in June fell 9.71 per cent to $25.01 billion while imports dipped 9.06 per cent to $40.29 billion, leaving behind a trade deficit of $15.28 billion during the month.
India’s oil imports during June fell 13.33 per cent to $11.03 billion, partly due to low oil prices, while gold imports surged 13 per cent to $2.70 billion.
Imports excluding gold and oil also fell 9 per cent to $26.57 billion in June 2019, the data showed.
During June, petroleum exports declined 33 per cent while non-oil, non-gems and jewellery exports contracted by 4.86 per cent.
India’s imports in June 2019 too fell 9.06 per cent to $40.29 billion in June 2019 as compared to $44.30 billion in June 2018, data further showed.
The major commodities which contributed towards decline exports in June 2019 have been Petroleum products (-32.85 per cent), Rice (-28.05 per cent), Cotton yarn/Fabrics/made-ups (-19.73 per cent), Gems and Jewellery (-10.67 per cent), Readymade garments (-9.18 per cent), Organic & inorganic chemicals (-8.17 per cent), and Engineering goods (-2.65 per cent), data showed.
Import of petroleum crude & products in June 2019 ($11.03billion) has recorded a negative growth of 13.33 per cent as compared to June 2018 ($12.73billion). In this connection it is mentioned that the global Brent price ($/bbl) has decreased by 15.81 per cent in June 2019 vis-à-vis June 2018 as per data available from World Bank, official data said.