India's exports drop by 1.8%, imports dip by 8.83% in Dec 2019
NEW DELHI [Maha Media]: India's exports of goods contracted by 1.11% in December, recording negative growth for the fifth month in a row, data released by the commerce ministry on Wednesday showed.
Exports in December 2019 were US $27.36 billion, as compared to US $27.86 billion in December 2018. In Rupee terms, exports were Rs 1,94,764.74 crore in December 2019, as compared to Rs 1,97,044.76 crore in December 2018, registering a negative growth of 1.16%.
Imports also declined by 8.83% to US $38.61 billion, bringing down the trade deficit to US $11.25 billion during the month, as against the deficit of US $14.49 billion in December 2018.
In Rupee terms, India imported goods worth Rs 2,74,883.64 crore, 8.24% less than Rs 2,99,553.40 crore in December 2018.
However, India’s overall estimated exports, combining goods and services, in April-December 2019-20 exhibited a positive growth of 0.93% over the same period last year. India exported merchandise and services combined worth US $397.48 billion in the six-month period.
Overall imports in April-December 2019-20 are estimated to be US $455.14 billion, exhibiting a negative growth of 5.82% over the same period last year.
The data shared by the Ministry of Commerce & Industry showed that for goods, cumulative value of exports for the period April-December 2019-20 was US $239.29 billion (Rs 16,84,558.61 crore) as against US $244.08 billion (Rs 17,02,261.31 crore) during the period April-December 2018-19, registering a negative growth of 1.96% in Dollar terms (negative growth of 1.04% in Rupee terms).
Cumulative value of imports for the period April-December 2019-20 was US %357.39 billion (Rs 25,14,783.82 crore), as against US $392.31 billion (Rs 27,37,092.01 crore) during the period April-December 2018-19, registering a negative growth of 8.90% in Dollar terms (negative growth of 8.12% in Rupee terms), the ministry said.