New Delhi, June 15 (SocialNews.XYZ) Covid-19 continued to subdue global trade and consequently plunged India's merchandise exports in May by over 36 per cent on a year-on-year basis.
India's exports fell to $19.05 billion during the month under review from $29.99 billion reported for the corresponding period of the previous y ear.
The country's merchandise exports in April had plunged by over 60 per cent YoY to $10.36 billion from $26.07 billion reported for April of the previous year.
"Except for iron ore, drugs and pharmaceuticals, spices and rice, which registered a growth of 103.04 per cent, 17.32 per cent, 10.55 per cent and 7.64 per cent, respectively, all other commodity or commodity groups have registered negative growth in May 2020 vis-a-vis May 2019," the Ministry of Commerce and Industry said in a statement.
Besides, non-petroleum and non-gems and jewellery exports in May 2020 were $ 16.36 billion, as compared to $21.42 billion in May 2019, exhibiting a negative growth of (-) 23.61 per cent.
The country's imports declined at a far higher rate than exports in May.
India's May imports declined by 51.05 per cent to $22.20 billion from $45.35 billion reported for the corresponding month of 2019.
Last month, imports had declined by 58.65 per cent to $17.12 billion from $4 1.40 billion reported for the corresponding month of 2019.
"Oil imports in May 2020 were $3.49 billion which was 71.98 per cent lower i n Dollar terms (69.62 per cent lower in Rupee terms), compared to $12.44 billion (Rs 86,822.36 crore) in May 2019," the statement said.
"'Non-Oil and Non-Gold' imports were $18.64 billion in May 2020, recording a negative growth of (-) 33.74 per cent, as compared to 'Non-Oil and Non-Gold ' imports of $28.13 billion in May 2019," it added.
Furthermore, non-oil and non-gold imports were $18.64 billion in May 2020, recording a negative growth of (-) 33.74 per cent, as compared to non-oil and non-gold imports of $28.13 billion in May 2019.
Consequently, India's trade deficit narrowed to $3.15 billion on a year-on-y ear basis in May from $15.36 billion reported for the corresponding month of last year.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz