India imported more Gold and Crude in May, trade deficit widens

Last Updated: Fri, Jun 14, 2019 20:49 hrs
Gold Petrol and Electronic Goods, still remain on the five most imported items.

The ministry of commerce and industry on Friday released the provisional numbers on export-import data for the month of May'19. A major bump in imports of crude and Gold have been observed in the data.

In the case of the yellow metal, India's imports in rupee terms are higher by 41.97 percent while exports of Gems and Jewellery has been reported at 4.32 percent.

Trade deficit for May 2019 was estimated at $ 15.36 billion as against $ 14.62 billion in May'18.

The ministry in its report said, "overall exports (Merchandise and Services combined) for April-May 2019-20* are estimated to be $ 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:

According to the provisional estimates for the month of May, the top three exported products are:

1. Engineering Goods: Total exports of Rs 52,052.51 crores, up by 7.85 percent from May'18.

2. Petroleum Products: Total export of Rs 36,032.47 crores, up by 1.86 percent from May'18.

3. Gems & Jewellery: Total export of Rs 23,803.90 crores, down by 4.32 percent from May'18.

Other categories that showed an improvement were exports of Organic & Inorganic Chemicals (Rs 14,509.71 crores, up by 24.63 percent), and exports of Drugs and Pharmaceuticals (Rs 11,758 crores, up by 14.65 percent).

Overall, exports in the month of May'19 were reported at Rs 2,09,280.62 crores, up by 7.36 percent from Rs 1,94,928.45 crores achieved in May'18. Exports in dollar terms have grown by 3.93 percent from $ 28.86 billion in May'18 to $ 29.99 billion in May'19.

Here is a graph, mentioning the growth-rate of most exported items in dollar terms:


Graph Courtesy:PIB India.

Imports:

Imports for May'19 were reported at Rs 3,16,448.93 crores, up by 7.76 percent from Rs 2,93,660.48 crores in May'18. Imports remained higher in the following product categories.

1. Rs 86,822.36 crores of Petroleum, Crude and products were imported in May'19. This is higher by 11.81 percent from May'18.

2. Rs 33,356.32 crores of Gold were imported. This is higher by 41.97 percent from May'18.

3. Imports of electronic goods were up marginally by 0.03 percent at Rs 33,695.97 crores.

Other categories that showed significant growth in imports include Machinery, electrical and non-electrical at Rs 23,812.46 crores, up by 9.27 percent, Organic & Inorganic Chemicals (up by 6.68 percent at Rs 15,122.92 crores)

Major commodity groups of import showing negative growth in May 2019 over the corresponding month of last year are:


Graph Courtesy:PIB India.

Services Trade:

Services trade saw a positive trade balance at Rs 46,238.65 crores for May'19. Export receipts were reported at Rs 1,25,399.77 crores while services bills were reported at Rs 79,161.12 crores.

Data of the provisional estimates is available here (opens a PDF file).

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