June exports fall 10%
Exports were down mostly because of a base impact and weak global trade trends
- Published 16.07.19, 4:30 AM
- Updated 16.07.19, 4:30 AM
- a min read
Merchandise exports fell 9.7 per cent in June to $25 billion — after a gap of nine months — compared with $27.7 billion in June 2018 because of a fall in the shipments of gems and jewellery, engineering goods and petroleum products.
Imports, too, fell 9 per cent to $40.29 billion in June against $44.3 billion in the corresponding period last year mainly because of falling prices of petroleum products, an official release said.
Trade deficit fell to $15.28 billion in June from $16.6 billion a year ago as a slowing economy and lower oil prices curbed imports.
Commerce ministry officials said the exports were down mostly because of a base impact and weak global trade trends. They said said the Jamnagar and Mangalore refineries were shut in June, impacting oil exports, and the situation could improve soon.
Analysts said the sharp drop in imports, including oil, was a sign of slowdown.
Crude oil and petroleum product imports fell 13.33 per cent to $11.03 billion in June compared with $12.73 billion a year ago. Gold imports were up 13.04 per cent at $2.69 billion. The price of Brent oil fell 15.81 per cent in June from a year ago, leading to a decline in imports.
Sluggish domestic consumption has pulled economic growth down to a five-year low and curbed inbound shipments in recent months.
Non-petroleum and non gems and jewellery exports in June 2019 were $19.15 billion compared with $20.13 billion a a year ago, a negative growth of 4.86 per cent.
Cumulative value of exports for April-June 2019-20 was $81.08 billion against $82.47 billion during the period April-June 2018-19, registering a negative growth of 1.69 per cent.
Imports during April-June was almost the same at $127.04 billion against $127.41 billion a year ago.